Prakash Industries hits 52-week high on clocking highest-ever sales volume



Shares of snapped their two-day losing run and jumped over 9 per cent to scale a fresh 52-week high of Rs 88.80 on the BSE in intra-day trade on Thursday after the firm said it has recorded the highest-ever sales volume in the financial year 2021-22 (FY21).


Around 11.20 am, the scrip was trading 6.59 per cent higher at 86.50 on the BSE as against a 0.84 per cent gain in the BSE barometer Sensex. In the past month, the stock has outperformed Sensex with a surge of nearly 47 per cent as against the index’s 1.5 per cent decline.


The smallcap firm which is engaged in the mining, steel and power industry in an exchange filing, on Wednesday, informed that the company achieved the highest-ever sales of around 9,54,760 tonnes of steel, a growth of 3.13 per cent over FY 2019-20 despite disruptions due to the Covid-19 pandemic.


For the March quarter of FY21, the company clocked the highest ever sales of around 2,72,142 tonnes of steel, recording a growth of 31.16 per cent year-on-year (YoY) and 8.85 per cent quarter-on-quarter (QoQ), it said.


The company further added that in FY21, the DRI Production has been highest ever at 9,05,616 tonnes, recording a growth of 10.73% YoY.





In the third quarter of FY21, the company had posted a revenue growth of 20.63 per cent YoY at Rs 891 crore as against Rs 738.62 crore posted in the same quarter previous year. The profit had risen 4.57 per cent YoY to Rs 31.33 crore from Rs 29.96 crore posted in the December quarter of FY20.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *