Prakash Inds down over 5%

Prakash Industries had good news to share and yet, reflecting the overall mood on the Street, the stock price is in the red. From its Friday’s close of Rs.60.60, the stock is currently down over 5.5% at Rs.57.25, with more sellers than buyers on the counter.

The company has secured long term coal linkages of 1,95,900 MT per annum for next 5 years in the coal linkage auction concluded today by Coal India under Tranche-V of the "Others" sub-sector.

The said linkages, together with the coal linkages of 8, 10,200 MT per annum secured recently in the month of December 2021 for its captive power plant, will help insulate the company against the volatility in the coal prices and thus provide long term stability to the operations and improve financial performance.

Ace investor, Rakesh Jhunjhunwala recently trimmed his stake in the company to less than 1%.