India's Prakash Industries hits upper circuit on coal mine progress

Prakash Industries

01/01/2024 07:07

** Shares of Prakash Industries  PRKI.NS  up 5% at 175.55
rupees, hitting their upper circuit
    ** Stock logs biggest intraday pct climb since Oct. 30, 2023
    ** Power generation co says it has made payment of 232.5 mln
rupees ($2.8 mln) towards land for coal mine in Chhattisgarh
state
    ** Also says mine has received forest and environmental
approvals
    ** Stock rose roughly 5% three times last month; on track to
snap three straight sessions of loss, if trend holds
    ** Stock rose 3X in 2023, while rivals Electrotherm (India)
 ELTH.BO  and Ramkrishna Forgings  RKFO.BO  climbed 3.7X and
2.7X respectively 

($1 = 83.1825 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))