Prakash Industries Ltd receives Final I Stage-II Approval for Bhaskarpara Coal Mine

Subsequent to the grant of In-principle Stage-I approval on 21st August, 2023, the Ministry of Environment, Forest and Climate Change, Government of India has today granted Final I Stage-II approval under the Van (Sanrakshan Evam Samvardhan) Adhiniyam, 1980 for Prakash Industries Ltd's Bhaskarpara Commercial Coal Mine in Chhattisgarh.

The Permission to Establish is already in place from the Chhattisgarh Environment Conservation Board and the development of the mine is progressing fast. The Mining Lease is now expected to be executed by next month.

The supplies of coal from this mine shall provide stability to the Company's Integrated Steel operations as well as result in significant cost reductions. Additionally, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market.

Shares of Prakash Industries Limited was last trading in BSE at Rs. 193.50 as compared to the previous close of Rs. 193.15. The total number of shares traded during the day was 151058 in over 2057 trades.

The stock hit an intraday high of Rs. 196.50 and intraday low of 192.05. The net turnover during the day was Rs. 29347367.00.

Source : Equity Bulls

Keywords

PrakashIndustries INE603A01013 BhaskarparaCoalMine Approval