Prakash Industries shares hit a 52-week high of Rs 142.70 on 20 September after the company received environmental clearance for commercial coal mining at Bhaskarpara in Chhattisgarh.

The steel products manufacturer said in its regulatory filing, “The development of the mine is fast in progress and the mining lease is likely to be executed by the next quarter. The supply of coal from this mine shall provide stability to the company’s integrated steel operations as well as significant cost reductions.”

The company added that Bhaskarpara, being a commercial mine, will boost the company’s revenue and profitability by selling coal in the open market.

The company is in the business of steel and power generation and runs steel manufacturing units that produce a variety of steel products that, include rods, bars, and wires. They also produce power through their captive power plants to support their manufacturing processes.

In its quarterly report for the April-June quarter, the company reported a 106.98% YoY increase in its net profit at Rs 89 crore and a 13.18% YoY increase in its revenue from operations at Rs 1,013 crore.

At 11:32 am, the shares of Prakash Industries were trading at Rs 138.80 or 5.71% above its previous close of Rs 131.30 on NSE.