Metal & Mining Stock Hit 52-Week High On Nod For Coal Mining In Chhattisgarh, Jumps Over 5%

Prakash Industries Limited shares on today hit a 52-week high of Rs 142.65 apiece on the BSE after the company on Monday, September 18, received Environmental Clearance (EC) for commercial coal mining at Bhaskarpara in Chhattisgarh. The company highlighted that Bhaskarpara, being a commercial mine, shall also boost the company's revenue and profitability through sale of coal in the open market.

"The Company is pleased to inform that subsequent to the In-principle Stage-I approval under the Forest (Conservation) Act, 1980, the Ministry of Environment, Forest and Climate Change, Government of India has today granted Environmental Clearance (EC) for its Bhaskarpara Commercial Coal Mine in Chhattisgarh," the company said in a press statement.

Furthermore, "The development of the said mine is fast in progress and the Mining lease is likely to be executed by the next quarter. The supplies of coal from this mine shall provide stability to the Company's Integrated Steel operations as well as significant cost reductions. Further, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market."

The shares in early trade jumped 8.89% to hit a 52-week high at Rs 142.65 apiece. Currently, trading 5.65% higher at Rs 138.50 apiece on the BSE. Its 52-week low is Rs 47.45 apiece.

The stock gained 6.34% in the last 1 week, and 53.56% in the last 1 month. It gained 105.52% in 3 months, and 170.05% in 6 months, respectively. It gave 144.74% multibagger return in 1 year. It gave 105.04% robust return in 2 years, and 225.65% in 3 years. The market valuation of the stock is Rs 2,478.49 Crore.

Founded in the year 1980, Prakash Industries Ltd. is a small cap Metal and mining sector company. The company is engaged in the business of steel and power generation and runs steel manufacturing units that produce a variety of steel products.