Prakash Industries establishes Integrated Steel Plant in Chhattisgarh

Prakash Industries Ltd has announced that the Company has established an integrated Steel Plant in the State of Chhattisgarh at Champa, District Janjgir.

Further the Company has informed that, in continuation to earlier MOU signed by the Company with the Government of Chhattisgarh for investments of Rs 1017 crores for establishing various plants in the State of Chhattisgarh such as Coal based Sponge Iron, Steel Melting Shop, Mini Blast Furnace, Sub Merged Arc Furnaces, Structural Rolling Mill etc., Company has entered into another MOU with the Government of Chhattisgarh for making Mega Investments of Rs 2145 crores for its expansion programmes in existing Integrated Steel Plant by creating additional steel capacity of 1.2 MTPA and establishing Captive Power Plants of 560 MW capacity and Coal Washery of 3.00 MTPA etc.

The stock closed the day at Rs.73.50, down by Rs.2.70 or 3.54%. The stock hit an intraday high of Rs.77.80 and low of Rs.72.50. The total traded quantity was 118520 compared to 2 week average of 182293.

Source : Equity Bulls

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