Praj Inds rises 7%

Yesterday, the Govt approved a modified scheme for extending interest subvention for those setting up grain-based along with molasses-based ethanol distilleries.

The total outlay of the scheme is Rs.8,460 crore for increasing India’s ethanol production capacity. The expanded interest subvention scheme will fuel investment of about Rs.40,120 crore in the ethanol value chain. The blending percentage of ethanol with petrol is expected to go up from 1.53% in 2013-14 to 8.5% in 2020-21.

This is good news for Praj Industries and this apart, the company today morning announced that it has received an order for Rs. 227 crore.

This order was from Indian Oil Corporation Limited (IOCL), for execution of Zero Liquid Discharge System - Water Treatment Package and Waste Water Treatment Package of Acrylic/Oxo-Alcohol Project at IOCL Dumad, Gujarat.

The stock is right there today morning with the top five gainers on the BSE, rising almost 7% to hit an intraday high at Rs.123.20, which was not too far from its 52-week high at Rs.129.70.