Shares of Prakash Industries rallied over 14 percent on Thursday after the company secured allocation of long-term Coal Linkages of 1.69 lakh MT per annum.

Share Market Live

NSE

The stock touched intraday high of Rs 58.20, after gaining 14.34 percent on the BSE.

“In the recent auction of Coal Linkages conducted by Coal India Ltd, it has secured allocation of long-term Coal Linkages of 1.69 lakh MT per annum for the next 5 years for its 5th Sponge Iron Kiln. The total longterm Coal Linkages now stands at 17.04 lakh tonnes per annum,” the company said in a regulatory filing.

These linkages will result in substantial cost savings in Sponge Iron production at its Integrated Steel Plant at Champa, Chhattisgarh, the company added.

At 11 am, shares of Prakash Industries were trading 11.10 percent higher at Rs 56.55 on the BSE.