Prakash Industries Ltd receives Vesting Order for Bhaskarpara Coal Mine

The Nominated Authority, Ministry of Coal, Government of India has today issued the Vesting Order in favour of Prakash Industries Ltd with respect to the Bhaskarpara Coal Mine in Chhattisgarh.

Earlier, the Company had participated in the 12th tranche of auction conducted under the Coal Mines (Special Provisions) Act, 2015 for commercial mining and was declared as the "Successful Bidder" for this Bhaskarpara Coal Mine.

The Company is taking all effective steps and measures required for timely opening of the mine, which shall come as a great respite in the current scenario which is marked by global coal shortage. The mine shall provide stability to the Company's Integrated Steel operations through uninterrupted supplies of coal as well as significant cost reduction. Further, the said mine being a commercial mine 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. 67.00 as compared to the previous close of Rs. 66.40. The total number of shares traded during the day was 112414 in over 1379 trades.

The stock hit an intraday high of Rs. 69.00 and intraday low of 66.15. The net turnover during the day was Rs. 7605450.00.

Source : Equity Bulls

Keywords

PrakashIndustriesLimited INE603A01013 IronandSteel BhaskarparaCoalMine Chhattisgarh VestingOrder