Praj Industries jumps on getting in- principle approval for forming JVC with Indian Oil Corporation
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Praj Industries is currently trading at Rs. 383.55, up by 26.75 points or 7.50% from its previous closing of Rs. 356.80 on the BSE.
The scrip opened at Rs. 376.10 and has touched a high and low of Rs. 384.75 and Rs. 372.30 respectively. So far 47952 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 461.50 on 11-Oct-2022 and a 52 week low of Rs. 289.05 on 26-May-2022.
Last one week high and low of the scrip stood at Rs. 364.65 and Rs. 352.95 respectively. The current market cap of the company is Rs. 6554.88 crore.
The promoters holding in the company stood at 32.82%, while Institutions and Non-Institutions held 25.67% and 41.51% respectively.
Praj Industries has received in- principle approval for forming a Joint Venture Company (JVC) with Indian Oil Corporation (IOCL), with 50:50 equity participation. This JVC would set up Biofuel production facilities and marketing of ,CBG Ethanol, SAF and various coproducts and intermediates.
It is proposed that IOCL and Praj Industries shall infuse an initial capital amount of Rs 50 lakh each into the JVC. The board of directors at its board Meeting held on May 25, 2023, has approved the same.
Praj Industries is a Process Engineering and Technology Company offering innovative end-to-end solutions for biofuels, brewery, industrial processes & water and waste water treatment systems.
