Is there any limitation like these many query preparation only allowed in a single db connection?

I doubt DBI has any such restriction.

can anybody please suggest me an idea for this failing reason?.

The DBD driver is buggy? The server has a pre-defined chunk of memory available per connection which is exceeded on the 151st run of the stored proc? The server is configured with a hard limit of transactions per connection (as opposed to DBI)? The phase of the moon?

I'm sure I can't help, but someone perhaps will be able to help if you post your code, and the error message retrieved from DBI.

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-David