Praj Inds hits the top on licence extension pact

DALAL STREET SPIKES

Praj Industries ended 5 per cent higher on announcement that it has concluded a purchase deal for a worldwide licence from Delta T Corporation, US, for molecular sieve dehydration technology for fuel ethanol production on a non-exclusive basis.

The stock ended at its upper circuit with pending buy order at the counter, dealers added. The company had entered into an agreement with Delta T for technology transfer licence for dehydration process in select territories in 2001.

The 2005 transaction extends the company's rights to for its use worldwide. "The move is to consolidate Praj global aspirations and enable it to penetrate growing developed markets, currently under exploration,", said the chairman of the company.

The stock has been in the limelight after the company announced a stock-split and bonus issue.