Prakash Industries Ltd - Key Highlights

Iron Ore Mining

The Company mined ~2.12 lakh tonnes of Iron Ore from its Sirkaguttu mine, Odisha during the quarter, up by 18% over corresponding quarter of last financial year. The mining plan of this mine has been enhanced to 10 lakh tonnes per annum, which shall result in higher extraction in the coming times, thereby further improving the margins of the Company.

Long Term Coal Linkages

The Company has secured Long Term Coal Linkages of 10.06 lakh tonnes per annum for next 5 years in the coal linkage auction conducted by Coal India Limited. These linkages will insulate the Company against the volatility in the coal prices and thus provide long term stability to the operations of the Company and improve its operating and financial performance.

Commercial Coal Mine

The Company was awarded the Vesting Order for Bhaskarpara Coal Block, in its favour from the Nominated Authority, Ministry of Coal on 18th November, 2021. The Company is taking all effective steps to start mining in FY2024, which shall come as a great respite in the current scenario which is marked by global coal shortage. This being a commercial. mine shall boost revenue and profitability through sale of coal in the open market.

Shares of Prakash Industries Limited was last trading in BSE at Rs. 61.40 as compared to the previous close of Rs. 59.80. The total number of shares traded during the day was 70927 in over 838 trades.

The stock hit an intraday high of Rs. 62.20 and intraday low of 59.90. The net turnover during the day was Rs. 4347467.00.

Source : Equity Bulls

Keywords

PrakashIndustries INE603A01013 IronOreMining CoalLinkage CoalMine