Prakash Industries is currently trading at Rs. 54.90, up by 1.10 points or 2.04% from its previous closing of Rs. 53.80 on the BSE.
The scrip opened at Rs. 54.70 and has touched a high and low of Rs. 57.15 and Rs. 54.00 respectively. So far 98206 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 103.99 on 12-Nov-2018 and a 52 week low of Rs. 31.20 on 22-Aug-2019.
Last one week high and low of the scrip stood at Rs. 58.30 and Rs. 45.50 respectively. The current market cap of the company is Rs. 933.39 crore.
The promoters holding in the company stood at 42.10%, while Institutions and Non-Institutions held 3.50% and 54.40% respectively.
Prakash Industries has commenced the mining operations in the Sirkagutu Iron and Manganese ore mine of the company at Keonjhar in the state of Orissa. Over burden removal has commenced with effective from November 01, 2019 and the extraction of minerals from the mines is expected to pick up within November 2019.
This is an important mile stone for the company and the extraction of Iron Ore will result in significant cost reduction in the iron ore cost, which is a key input for steel making, thereby improving the operating margins of the company.
Prakash Industries is an integrated steel and power company. Its products include coal mines, iron ore mines, sponge iron, and power, steel melting shop and ferro alloys.
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