Heavy buying: Back-to-back upper circuit in this multibagger stock; PAT grew by 100 per cent!

Shares of the company gained more than 160 per cent in the last six months.

Shares of Prakash Industries Limited were locked in the upper circuit on Wednesday, gaining 5.00 per cent. The company has delivered strong Quarterly Results. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock also gained over 160 per cent in the last six months.

The company posted strong Quarterly Results. The revenue of the company for Q2FY24 stood at Rs 888.98 crore which increased by 14.42 per cent YoY. The operating profit of the company stood at Rs 144.47 crore, while the PAT of the company stood at Rs 89.43 crore, from a profit of Rs 44.10 crore last year same quarter.

Recently, Prakash Industries received environmental clearance for its Bhaskarpara commercial coal mine in Chhattisgarh. This fast-progressing mine promises stability to the company's steel operations, cost reductions, and revenue boost through open-market coal sales. The mining lease is expected within the next quarter.

Prakash Industries Limited (PIL) was incorporated in July 1980 and started its operations as a PVC pipe manufacturer in the year 1981 later diversified into other products. The company is an integrated manufacturer of finished steel products using the direct reduction iron (DRI) route. PIL also has a captive power plant of 245 MW. The stock has also delivered multibagger returns of over 200 per cent in the last one year.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.