This small-cap stock rallied 56 per cent in last 3 months!
Industrial biotechnology company, Praj Industries Ltd announced on Tuesday that it has bagged a prestigious breakthrough order to set up compressed biogas (CBG) project from Hindustan Petroleum Corporation Limited (HPCL).
This project has a total capacity to process 35,000 million tonnes (MT) of rice straw as feedstock to generate 5,250 MT of CBG on an annual basis. Additionally, it will also generate 23,000 MT high quality solid bio-manure and 3,50,000 MT of liquid bio-manure for ferti-irrigation, having the potential to save nearly 15,000 MT of C02 emissions per year.
The project is expected to be executed and commissioned within 12 months.
Moreover, this project will be in line with the government’s Sustainable Alternative Towards Affordable Transportation (SATAT) initiative to promote CBG as an alternative, green transport fuel.
Praj Industries is one of the leading biofuel technology companies, providing a number of processes & systems for ethanol and biodiesel productions. It commands a 75 per cent market share in ethanol plant installation. Its market position is also supported by its global presence. The company caters to both domestic and international markets. As for Q3FY21, the company earned 31 per cent of its revenue from exports and 69 per cent from the domestic market.
The stock generated returns of nearly 56 per cent on a YTD basis. At the time of market closing, its scrip was trading at Rs 187.50, up by 2.63 per cent. It reported an intraday high and an intraday low of Rs 189.90 and Rs 174.20, respectively, on BSE.