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Prakash Inds moves higher after securing coal linkages for sponge iron

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rose 3.84% to Rs 136.45 at 11:45 on after the company said it has secured additional coal linkages of 2.1 lakh tonnes per annum for the next 5 years in the recent auction.

The announcement was made during market hours today, 12 October 2017.

Meanwhile, the S&P Sensex was up 134.64 points or 0.42% at 31,968.63. The S&P Small-Cap index advanced 139.33 points or 0.44% at 31,973.32.

On the BSE, 3.21 lakh shares were traded on the counter so far as against the average daily volumes of 4.86 lakh shares in the past one quarter. The stock had hit a high of Rs 138.80 and a low of Rs 132.90 so far during the day. The stock had hit a 52-week high of Rs 146.60 on 31 July 2017 and a 52-week low of Rs 42.05 on 5 December 2016.

The stock had outperformed the market over the past one month till 11 October 2017, advancing 13.62% compared with the Sensex's 0.15% fall. The stock had also outperformed the market over the past one quarter, gaining 17.27% as against the Sensex's 0.27% rise. The scrip had also outperformed the market over the past one year, spurting 131.95% as against the Sensex's 13.36% rise.

The small-cap company has equity capital of Rs 152.51 crore. Face value per share is Rs 10.

said it has secured additional coal linkages of 2.1 lakh tonnes per annum for the next 5 years in the recent coal linkage auction conducted by Coal India for sponge iron sector. The company is going to sign the fuel supply agreement (FSA) in the coming weeks and the supplies will commence from November 2017.

With this additional linkage, the profitability will improve by over Rs 20 crore, taking total annual cost savings on total linkage quantity of 15.56 lakh tonnes per annum to over Rs 90 crore.

Prakash Industries' net profit spurted 323.1% to Rs 59.41 crore on 13% rise in net sales to Rs 650.47 crore in Q1 June 2017 over Q1 June 2016.

has diversified interests in steel, power and rigid PVC pipes.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 12 2017. 11:43 IST
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