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Rakesh Jhunjhunwala raises stake in Prakash Industries; stock up nearly 200% in 2017

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Rakesh-Jhunjhunwala-770x398

Mumbai: The big bull, Rakesh Jhunjhunwala, partner RARE Enterprises raised stake in Prakash Industries to 1.64 percent in the September quarter from 1.01 percent at the end of the quarter ended June.

This Jhunjhunwala-owned stock has been on investors’ radar throughout the year 2017. The stock rose 193 percent in the same period.

Prakash Industries' net profit spurted 323.14 percent to Rs 59.41 crore on 13.04 percent rise in revenue to Rs 722.33 crore in Q1 June 2017 over Q1 June 2016.

 Last month, Prakash Industries announced the expansion of sponge iron capacity by 0.2 million tonnes per annum. It said in a release that the company has sponge iron capacity of 1 million tonnes per annum at its integrated steel plant in Chattisgarh.

“In order to become self-reliant with respect to the requirement of sponge iron in its steel melting shop, the company has implemented its fifth sponge iron rotary kiln having a capacity of 0.2 million tonnes per annum (mtpa) in April 2017,” it said.

The stock came under pressure after the market regulator, SEBI, on August 7, asked stock exchanges to restrict trading in shares of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.

But on August 10, BSE and NSE said that trading Prakash Industries will resume from August 11 after SAT stayed trading restriction imposed on them, according to a Sebi directive.

Shares of Prakash Industries would be moved out of GSM (Graded Surveillance Measures) framework and made available for trading with effect from August 11, BSE and NSE said in similar circulars.

On the technical charts, Supertrend indicator gave a buy signal on 9th October. It is trading well above its short-term moving averages such as 50-days exponential moving average (DEMA), 5-DEMA, 13-DEMA, 10-DEMA, 20-DEMA, and 50-DEMA.

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