Praj Industries extends rally after it wins order to set up ethanol plant
Shares of Praj Industries surged 7.5 per cent to Rs 226.90 on the BSE in the intra-day trade on Friday, gaining 18 per cent in the past three trading days, after the company bagged an order to set up India’s largest capacity syrup-based ethanol plant from a Godavari Biorefineries Ltd (GBL) in Karnataka. The company, however, did not disclose the value of the contract.
The stock was trading at its highest level since 2008. Moreover, the stock, which had it an all-time high of Rs 273 on December 14, 2007, has zoomed 200 per cent as compared to a 23 per cent gain in the S&P BSE Sensex, in the past six months.
“As a part of this project, Praj will expand the existing ethanol manufacturing capacity to 600 KL per day (KLPD) from 400 KLPD, using sugarcane syrup.
