Praj Ind jumps on bagging HPCL order

Praj Industries gained 1.15% to Rs 184.80 after the company said it secured a breakthrough order from HPCL to set up compressed biogas plant in Uttar Pradesh.

Praj Industries bagged an order from Hindustan Petroleum Corporation (HPCL) for setting up Compressed Biogas (CBG) project at Badaun in Uttar Pradesh. Praj is offering its RenGas technology developed using proprietary microbe to produce CBG from rice straw.

The project has capacity to process 35000 MT of rice straw as feedstock to generate 5250 MT of CBG annually. In addition, the project will also generate 23,000 MT high quality solid bio-manure and 350,000 MT of liquid bio-manure for ferti-irrigation. This project has a potential to save up to 15000 MT of C02 emissions per year. The project will be completed and commissioned within 12 months timeframe.

Shares of Praj Industries hit a 52-week high of Rs 189.60 in intraday today. The counter is up 329% from its 52-week low of Rs 43 posted on 25 March 2020.

Praj Industries is a global process solutions company that offers solutions to add significant value to bio-energy facilities, compressed biogas plants, critical process equipment & skids, brewery plants, industrial wastewater treatment systems and HiPurity water systems.

On a consolidated basis, the company's net profit surged 36.2% to Rs 28.16 crore on a 15.8% rise in net sales to Rs 347.78 crore in Q3 FY21 over Q3 FY20.

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