Prakash Industries share price rose in early trade today after the firm said it secured allocation of long-term coal linkages from Coal India. Share price of Prakash Industries climbed 14.34% or 7.23 points to Rs 58.20 compared to the previous close of Rs 50.90.
The microcap stock opened with a gain of 5.89% at Rs 53.90 on BSE. It has lost 30% in last one year but gained 10.41% since the beginning of this year. The stock has risen 23.25% during last one month.
Coal linkages of 1.69 lakh million tonne per annum have been allocated for the next 5 years for the firm's fifth sponge iron kiln. The total long-term coal linkages now stand at 17.04 lakh tonnes per annum.
These linkages will lead to substantial cost savings in Sponge Iron production at its Integrated Steel Plant at Champa, Chhattisgarh, the firm said.
Prakash Industries is engaged in the production of ferro alloys, MS TMT/MS coil and allied products, HB Wire Rod, and PVC Pipe and Sockets. The company's segments include power, steel and PVC pipe. the company's product range includes sponge iron, power, wire rod, thermo mechanically treated (TMT) bars and rigid polyvinyl chloride (PVC) pipes.Its plants are located in Champa, District Janjgir-Champa, and Raipur in Chhattisgarh.