Praj Industries rose 2.3% to Rs 73.45 at 11:31 IST on BSE, with the stock extending recent gains triggered by reports that the government has decided to raise the level of mandatory blending of ethanol in petrol to 10% from 5%.
Meanwhile, the S&P BSE Sensex was up 285.69 points or 1.14% at 25,317.01.
On BSE, so far 6.42 lakh shares were traded in the counter as against average daily volume of 9.18 lakh shares of in the past one quarter.
The stock hit a high of Rs 74.40 and a low of Rs 72.10 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 23 June 2014, jumping 8.46% compared with Sensex's 1.37% rise. The scrip had also outperformed the market in past one quarter, surging 55.24% as against Sensex's 15.06% rise.
The small-cap company has equity capital of Rs 35.49 crore. Face value per share is Rs 2.
Shares of Praj Industries have rallied 8.25% in two trading sessions from a recent low of Rs 67.85 on 20 June 2014, on reports that 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. The stock had surged 5.82% to settle at Rs 71.80 on Monday, 23 June 2014.
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% growth 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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