Prakash Industries Ltd (BSE: 506022, NSE: PRAKASH) has rebounded to a high of 249 before consolidating at 243 levels on Thursday trade after Chennai based investor Dolly Khanna bought four lakh shares in the scrip.
Prakash Industries is involved in mining, steel and power domains and recently had announced the approval received from BSE and NSE for demerger of its pipes division. The company reported strong Q3 results with net profit up 13.9% at Rs 101 cr while revenues rose to Rs 726 cr showing an annualised growth of 54.95%.
It is currently trading at a PE of 14.4, RSI of 68.53 indicates bullishness, ADX 50.20 indicates uptrend, MACD line has witnessed a bullish crossover.
Among the achievements in Q3 were higher capacity utilisation with the installation of 5th sponge iron kiln raising the integrated capacity at 1 mn tons. Utilisation was 80%. It secured 100% coal linkags totalling 1.56 mn tons p.a for 5 years. This will lead to annual cost savings of Rs 100 cr. It was able to reduce debt by Rs 160 cr.