Prism Cement shares surge 8.5%

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Shares of Prism Cement today gained 8.5 percent after the company said it has secured supply of 18,300 tonnes per annum of coal from state-owned Coal India arm Southern Eastern Coalfields Ltd (SECL).

The stock jumped 8.54 percent to Rs 103.50 on BSE.

At NSE, shares of the company soared 8.42 percent to Rs 103.

"The company has successfully bid for 18,300 tonnes per annum of coal from Southern Eastern Coalfields Ltd in recently held auction of coal linkages for the cement industry," the company informed BSE yesterday.

It further said, "The company has secured part fuel requirement for the next five years." Southern Eastern Coalfields Ltd is subsidiary of Coal India Ltd (CIL).

According to the company, this allocation has been done on a "normal premium over the floor price" by CIL.