Prakash Industries shares gained over 6 per cent intraday on Friday after the company said its PVC Pipe division is likely to achieve sales of 31,800 mt in the current financial year 2016 against 27,638 mt last year, registering a growth of 15 per cent year-on-year (yoy) and is likely to further grow by 20 per cent in the next financial year with a target sale of 38,000 mt.
At 11.11 am, shares of Prakash Industries were trading 4.89 per cent up at Rs 32.15. The scrip opened at Rs 32.50 and had touched a high and low of Rs 32.90 and Rs 31.90, respectively, in trade so far. Later, the scrip closed 1.14 per cent down at Rs 30.30.
The promoters holding in the company stood at 46.49 per cent while institutions and non-institutions held 3.01 per cent and 50.50 per cent respectively.
“The operating margins have also improved from 10 per cent to 12 per cent due to focus on enhancing capacities and improving operational efficiencies in PVC Pipe division. Company enjoys premium over its competitors due to its product’s quality which has resulted into consistent growth in sales of the company,” Prakash Industries said in BSE filing.