Prakash Industries Hits 5% Upper Circuit: Bhaskarpara Coal Mine Gets Go-Ahead

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Prakash Industries: Hits Upper Circuit 5% after the company announced the receipt of Permission to establish for its Bhaskarpara Commercial Coal Mine 


Explore the latest developments at Prakash Industries, including its progress at the Bhaskarpara Commercial Coal Mine and its financial performance in Q2 FY24.

Introduction

Prakash Industries, a renowned integrated manufacturer of finished steel products, has recently made headlines with its latest developments in the Bhaskarpara Commercial Coal Mine in Chhattisgarh. This blog post aims to provide an in-depth analysis of these developments and their implications for the company's future.

About Prakash Industries

Prakash Industries is a leading player in the steel industry, known for its use of the Direct Reduction Iron (DRI) route. This innovative approach has positioned the company as a key contributor to the industry, enabling it to deliver high-quality finished steel products to its customers.

Bhaskarpara Commercial Coal Mine

The Bhaskarpara Commercial Coal Mine has been a significant focus for Prakash Industries. The company recently announced the receipt of 'permission to establish' from the Chhattisgarh Environment Conservation Board, marking a significant milestone in the mine's development.

Prakash Industries has demonstrated its commitment to environmental conservation by paying Rs 23.25 crore towards the Net Present Value (NPV) of the diverted forest land and Rs 35.12 crore towards the premium of land to be transferred to the Forest Department for compensatory afforestation.

With the In-principle Stage-l approval under the Forest (Conservation) Act, 1980 and Environmental Clearance (EC) already in place, the development of the mine is progressing rapidly. The company anticipates that the Mining Lease will be executed within this quarter.

Financial Performance

In Q2 FY24, Prakash Industries reported neither a profit nor a loss, maintaining a steady financial position. However, the company recorded a Profit After Tax (PAT) of Rs 0.60 crore during the previous quarter ended September 2022. Furthermore, sales rose by an impressive 29.93% to Rs 30.04 crore in Q2 FY24 over Q2 FY23, indicating a positive trend in the company's performance.

Conclusion

The recent developments at the Bhaskarpara Commercial Coal Mine are likely to have a significant impact on Prakash Industries' future operations. With the company's commitment to environmental conservation and its steady financial performance, Prakash Industries continues to solidify its position as a leader in the steel industry.

Disclaimer

This blog post is intended for informational purposes only and does not constitute financial advice. Readers are advised to conduct their own independent research and consult with a professional before making any investment decisions.

Keywords: Prakash Industries, Bhaskarpara Commercial Coal Mine, Chhattisgarh Environment Conservation Board, Direct Reduction Iron, Financial Performance

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