Prakash Industries shares rallied 11% to hit a 52-week high of Rs 164.85 on 10 October as Mukul Agarwal and Dolly Khanna bought over 1% stake each in the company.

Renowned investor Mukul Agarwal bought a 1.4% stake in the company in the September 2023 quarter, taking his holdings to 25 lakh shares of the company.

Dolly Khanna has picked up a 1% stake in the company, amounting to 17.98 lakh shares of the company.

The company is in the business of steel and power generation and runs steel manufacturing units that produce a variety of steel products, including rods, bars, and wires. Moreover, the company also generates power through its captive power plants to support its manufacturing process.

The promoters of the company hold a 44.24% stake in the company as of September 2023, and the FIIs (Foreign Institutional Investors) hold a 6.35% stake in the company.

In its quarterly report for the April-June quarter, the company’s net profit doubled on a yearly basis to Rs 89 crore, whereas it saw a 13.2% YoY growth in its revenue from operation at Rs 1,013 crore for the same quarter.

At 3:30 pm, the shares of Prakash Industries closed at Rs 162.50 or 11.07% above its previous close of Rs 146.30 on NSE.