Prakash Industries Ltd - Bhaskarpara Commercial Coal Mine Update

Prakash Industries Ltd has today made payment of Rs. 35.12 crores to the Office of Collector, Janjgir-Champa, Chhattisgarh State Government, towards premium of land to be transferred to Forest Department for Compensatory Afforestation in lieu of forest land with respect to Bhaskarpara Commercial Coal Mine in Chhattisgarh.

The In-principle Stage-I approval under the Forest (Conservation) Act, 1980 and Environmental Clearance (EC) for the said mine is already in place.

The development of the said mine is progressing fast and the Mining lease is likely to be executed in the next quarter. The supplies of coal from this mine shall provide stability to the Company'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. 171.10 as compared to the previous close of Rs. 168.60. The total number of shares traded during the day was 47248 in over 499 trades.

The stock hit an intraday high of Rs. 173.75 and intraday low of 165.65. The net turnover during the day was Rs. 8070041.00.

Source : Equity Bulls

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PrakashIndustries INE603A01013 Bhaskarpara CommercialCoalMine Update