Prakash Industries Limited’s shares were up five per cent after the company gave an update on its Bhaskarpara Commercial Coal Mine project in Chhattisgarh. The company made a payment of ₹23.25 crores to the Forest Department, Distt. Surajpur, Chhattisgarh, for the Net Present Value (NPV) of diverted forest land.

Additionally, a prior payment of ₹35.12 crore was made on December 26, 2023, to the Office of Collector, Janjgir-Champa, Chhattisgarh, for the premium of land, intended for transfer to the Forest Department for Compensatory Afforestation.

The company received In-principle Stage-I approval under the Forest (Conservation) Act, 1980, and Environmental Clearance (EC) for the Bhaskarpara project. The development of the mine is progressing, and the Mining lease is expected to be executed this quarter.

The shares were up five per cent to ₹175.45 at 12.15 pm on the BSE.