Praj Inds: US boost

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The stock remained steady on bourses last week with no selling pressure either in F&O and or in the cash segment. Praj closed at Rs 357.60 compared with its previous week close of Rs 357.90.

Open interest in the F&O segment remained at around 50.30 lakh shares, while volumes in cash segment increased by 19.35 lakh shares to 73.58 lakh shares.

Earlier, the company announced that it had received a major order from the US in the last quarter of 2006. The company had secured second-phase orders from Cilion for its Imperial County project as also from Missouri Valley Energy for its Meckling, South Dakota project.

The first phase involved supply of technology package, the second phase deals with supply of equipment. Additionally, the company also received an order for USA's first sugarcane-based ethanol project.

Aggregate contract value of these orders is in excess of Rs 170 crore. In December 2006, the company signed a contract with Biowanze SA, a subsidiary of CropEnergies AG, for their proposed 300,000 cubic meters per annum Bio-ethanol Complex at Wanze in Belgium.

Wheat and beet syrup will be used as feedstock at this facility which is expected to go on stream during the second half of 2008.