Prakash Industries shares rose 5 percent in the early trade on December 12 after the company declared that its bid for the Bhaskarpara coal mine has been successful.
The company had participated in the eighth tranche of coal blocks auction conducted by Coal Ministry and emerged as the highest bidder for the Bhaskarpara Coal Mine in Chhattisgarh, company said in the BSE release.
The company on December 11, received a communication from the nominated authority i.e. Ministry of Coal, Government of India, declaring the company as the successful bidder for the coal mine.
It is now required to execute the coal mine development and production agreement with the nominated authority, subsequent to which the vesting order will be issued to the company.
Availability of coal from the Bhaskarpara coal mine will substantially enhance the operating margins of the company.
At 09:22 hrs, Prakash Industries was quoting at Rs 42.00, up Rs 0.65, or 1.57 percent on the BSE.
News Source:- Moneycontrol