Prakash Industries gains after depositing additional levy with Coal Ministry

Prakash Industries rose 3.16% to Rs 58.70 at 12:24 IST on BSE after the company said it has deposited Rs 234.22 crore with the Ministry of Coal, towards the additional levy against its Chotia Coal Block following the Supreme Court of India's order.

The announcement was made after market hours yesterday, 31 December 2014.

Meanwhile, the S&P BSE Sensex was down 26.14 points or 0.1% at 27,473.28.

On BSE, so far 1.58 lakh shares were traded in the counter as against average daily volume of 1.34 lakh shares in the past one quarter.

The stock hit a high of Rs 59.35 and a low of Rs 57.75 so far during the day. The stock had hit a 52-week high of Rs 166 on 23 September 2009 and a 52-week low of Rs 32.10 on 21 November 2008.

The small-cap company has quity capital of Rs 134.49 crore. Face value per share is Rs 10.

Prakash Industries said that it has deposited a total amount of Rs 234.22 crore with the Coal Controller, Ministry of Coal, towards the additional levy against its Chotia Coal Block following the Supreme Court of India's order. Coal Ministry has already initiated the coal block auction process. This Chotia Coal block is also part of this first phase auction plan. The company has now become eligible to participate in auction process as it was a precondition to first pay this additional levy to become eligible, Prakash Industries said. The company now looks forward to obtain a suitable coal block through this coal block auction process soon, it added.

Prakash Industries' net profit rose 34.7% to Rs 44.73 crore on 23% growth in net sales to Rs 699.05 crore in Q2 September 2014 over Q2 September 2013.

Prakash Industries in one of the key producers of steel products in India.

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