The company made this announcement during trading hours today, 2 July 2009.

Meanwhile, the BSE Sensex was down 32.70 points, or 0.22%, 14,612.77.

On BSE, 2.11 lakh shares were traded in the counter. The stock had an average daily volume of 2.53 lakh shares in the past one quarter.

The stock hit a high of Rs 123 and a low of Rs 117.05 so far during the day. The stock hit a 52-week high of Rs 187 on 6 August 2008 and a 52-week low of Rs 32.10 on 21 November 2008.

The mid-cap stock had underperformed the market over the past one month till 1 July 2009, falling 4.85% as compared to the Sensex's 1.32% fall. It had outperformed the market in the past one quarter, surging 134.52% as compared to the Sensex's return of 47.90%.

The company's current equity is Rs 115.47 crore. Face value per share is Rs 10.

The current price of Rs 120.95 discounts the company's Q4 March 2009 annualized EPS of Rs 17.96, by a PE multiple of 6.73.

The company plans to raise funds to finance future expansions plans of the firm. The funds could be raised through various options such as foreign currency convertible bonds (FCCBs) / American depository receipts (ADRs) / global depository receipts (GDRs) / equity shares or any other securities convertible into equity shares in accordance with the guidelines prescribed by various statutory authorities.

Prakash Industries' net profit rose 34.7% to Rs 51.86 crore on 10.5% fall in net sales to Rs 312.24 crore in Q4 March 2009 over Q4 March 2008.

Prakash Industries manufactures sponge iron, steel billets, wire rod and rigid PVC pipes. It is also into generation of power.