Praj Industries jumped 5.08% to Rs 71.30 at 15:05 IST on BSE on reports the government has decided to raise the mandatory level for blending ethanol in petrol to 10% from 5%.
Meanwhile, the BSE Sensex was down 144.99 points, or 0.58%, to 24,960.52.
On BSE, so far 13.28 lakh shares were traded in the counter, compared with an average volume of 8.82 lakh shares in the past one quarter.
The stock hit a high of Rs 73.55 and a low of Rs 67.85 so far during the day. The stock hit a 52-week high of Rs 79.15 on 5 June 2014. The stock hit a 52-week low of Rs 30 on 2 August 2013.
The stock had outperformed the market over the past one month till 20 June 2014, rising 8.65% compared with 2.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 47.50% as against Sensex's 15.48% rise.
The small-cap company has an equity capital of Rs 35.49 crore. Face value per share is Rs 2.
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According to reports, the government has decided to raise the level of mandatory blending of ethanol in petrol to 10% from 5%, as a part of measures for the revival of the sugar industry.
Praj Industries undertakes implementation of projects for installing plants based on a variety of sugar based feed stocks for 1st generation ethanol production. Ethanol is produced by the fermentation of molasses. Molasses is a by-product of the refining of sugarcane into sugar.
On a consolidated basis, Praj Industries' net profit rose 24% to Rs 20.77 crore on 31.3% increase in net sales to Rs 349.43 crore in Q4 March 2014 over Q4 March 2013.
Praj Industries offers innovative solutions to significantly add value in bio-ethanol, alcohol, brewery plants, process equipment and water and wastewater treatment systems for customers worldwide.
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