Prakash Industries announced that the Nominated Authority of Ministry of Coal, Government of India has issued a vesting order in its favour with respect to the Bhaskarpara Coal Mine in Chhattisgarh.
Earlier, Prakash Industries 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.
As per the company's press statement, it 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 mine being a commercial mine shall also boost the revenue and the profitability through sale of coal in the open market.
The company's net profit surged to Rs 43.07 crore in Q2 FY22 from Rs 9.15 crore in Q2 FY21. Net sales jumped 17% to Rs 893.59 crore in the quarter ended September 2021 as against Rs 763.83 crore during the previous quarter ended September 2020.
Shares of Prakash Industries added 0.82% to Rs 67.55 on BSE. Prakash Industries is engaged primarily in the business of manufacture and sale of steel products and generation of Power. The company has its manufacturing facilities in India and sells products in India.
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