Prakash Industries gains after securing coal linkage

Prakash Industries rose 2.56% to Rs 42.10 at 14:19 IST on BSE after the company secured a coal linkage of 53,500 metric tonnes per annum for the next five years.

The announcement was made after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was down 49.71 points, or 0.18%, to 27,647.80.

On BSE, so far 80,000 shares were traded in the counter, compared with an average daily volume of 1.12 lakh shares in the past one quarter. The stock hit a high of Rs 43.15 and a low of Rs 41.25 so far during the day. The stock hit a 52-week high of Rs 45.50 on 27 April 2016. The stock hit a 52-week low of Rs 23.05 on 12 February 2016. The stock had outperformed the market over the past one month till 3 August 2016, rising 7.18% compared with 2.04% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.61% as against Sensex's 9.78% rise.

The small-cap company has equity capital of Rs 135.60 crore. Face value per share is Rs 10.

The coal linkage attained from South Eastern Coalfields in Chattisgarh is expected to provide long term stability and cost savings to the company's captive power plant, Prakash Industries said in a statement.

Prakash Industries reported net profit of Rs 16.26 crore in Q4 March 2016 as against net loss of Rs 164.25 crore in Q4 March 2015. Net sales declined 23.8% to Rs 486.75 crore in Q4 March 2016 over Q4 March 2015.

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

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