Shares of Praj Industries rise by more than 4% on getting in-principal approval for forming JVC with Indian Oil Corporation

Shares of Praj Industries rise by more than 4% on getting in-principal approval for forming JVC with Indian Oil Corporation

by 5paisa Research Team Last Updated: May 26, 2023 - 02:13 pm 115 Views

The company provides cutting-edge, full-service solutions for water and wastewater treatment systems, brewing, biofuels, and industrial operations. 

Praj Industries has been given approval in principle to establish a joint venture company (JVC) with Indian Oil Corporation (IOCL), with a 50:50 equity participation. This JVC will set up facilities for producing biofuels and marketing CBG, ethanol, SAF, and other byproducts and intermediates. 

It is proposed that IOCL and Praj Industries both inject Rs 50 lakh in initial capital into the JVC. The same was authorised by the board of directors at its meeting on May 25, 2023.  

 Today, the stock opened at Rs 376.10, with a high and low of Rs 386.50 and Rs 372.30. Shares, at the time of writing, are trading at Rs 373.90, up by 4.80% from its previous close of Rs 356.80. The stock has a 52-week high of Rs 461.50 and a 52-week low of Rs 289.50. The current market cap of Praj Industries Ltd is Rs 6,862.20.      

In 1984, Praj Industries was founded with the goal of providing cutting-edge technologies to the distillery industry. It is a top biofuel technology company that offers various systems and procedures for ethanol and biodiesel production. Praj is a market leader with a solid reputation for providing trustworthy solutions. Praj had a modest beginning as a provider of ethanol plants, but today it is a market leader with a wide range of sustainable solutions for bioenergy, high-purity water, vital process equipment, breweries, and industrial wastewater treatment. With its headquarters in Pune, India, Praj has expanded its footprint to more than 100 countries on all five continents, with 1000+ references. 

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