Coal news and updates

Prakash Industries Ltd - Bhaskarpara Commercial Coal Mine Update

The Ministry of Environment, Forest and Climate Change, Government of India has this week granted In-principle Stage-I approval under the Forest (Conservation) Act, 1980 for its Bhaskarpara Commercial Coal Mine in Chhattisgarh.

The development of the said mine is well progressing and the Mining lease is likely to be executed by the next quarter. The supplies of coal from this mine shall provide stability to Prakash Industries Ltd's Integrated Steel operations as well as significant cost reductions. Further, 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. 117.31 as compared to the previous close of Rs. 104.99. The total number of shares traded during the day was 575490 in over 5975 trades.

The stock hit an intraday high of Rs. 124.90 and intraday low of 106.80. The net turnover during the day was Rs. 66482862.00.