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Last Updated : Jan 02, 2020 10:09 AM IST | Source: Moneycontrol.com

Prakash Industries surges 14% as firm secures allocation of long-term coal linkages

The share price down 39 percent in last 9 months.

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Prakash Industries share price surged 14 percent intraday on January 2 as the company secured allocation of long-term coal linkages of 1.69 lakh MT per annum.

In the recent auction of coal linkages conducted by Coal India, it has secured allocation of long-term coal linkages of 1.69 lakh MT per annum for the next 5 years for its fifth sponge iron kiln, company said in its press release.

The total long-term coal linkages now stands at 17.04 lakh tonnes per annum.

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These linkages will result in substantial cost savings in sponge iron production at its integrated steel plant at Champa, Chhattisgarh.

At 09:44 hrs Prakash Industries was quoting at Rs 56.55, up Rs 5.65, or 11.10 percent on the BSE.

The share touched its 52-week high Rs 99.00 and 52-week low Rs 31.20 on 14 January, 2019 and 22 August, 2019, respectively.

Currently, it is trading 42.88 percent below its 52-week high and 81.25 percent above its 52-week low.

The share price down 39 percent in last 9 months.

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First Published on Jan 2, 2020 10:09 am
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