Prakash Industries has been declared a successful bidder for Bhaskarpara Coal mines after it had participated in the 8th Tranche of Coal Blocks auction conducted by Ministry of Coal.

The company 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.

The stock has today gained after 2 days of consecutive fall. It opened over 4% higher at Rs.43.10, going up more than 5% to Rs.43.50. Its 20% UC for today is at Rs.49.60.