Looking at the demand and realization in finished steel, Prakash Industries has modernized its 4th Rolling Mill at Raipur, Chhattisgarh. The modernization will improve the production of value added products i.e. wire rods.
The Company is on schedule to complete its 6th Sponge Iron Kiln by March 2019, thereby adding sponge iron production capacity of 2 lac tonnes per annum along with waste heat power co-generation.
Steel prices have gone up globally since last fortnight, and the company has also increased its product prices by over Rs. 3,000 per tonne, which is around 8% higher.
Shares of PRAKASH INDUSTRIES LTD. was last trading in BSE at Rs.88 as compared to the previous close of Rs. 88.85. The total number of shares traded during the day was 99809 in over 917 trades.
The stock hit an intraday high of Rs. 89.2 and intraday low of 86.85. The net turnover during the day was Rs. 8776387.