Praj Inds gains on signing MoU under SATAT initiative

Praj Industries rose 3.57% to Rs 84.20 after the company signed a non-binding memorandum of understanding (MoU) with Ministry of Petroleum & Natural Gas for providing technology support to Compressed Bio Gas (CBG) projects under SATAT scheme.

The objective of the MoU is to facilitate technological support to the entities for setting-up and commissioning of multiple number of eligible and qualified CBG plants and their continuous operation for production of CBG and organic compost manure under sustainable alternative towards affordable transportation (SATAT), the company said in a BSE filing made during market hours today.

SATAT initiative for boosting production and availability of CBG as an alternative and affordable clean fuel for transportation sector was launched by Government of India on 1 October 2018. The scheme envisages setting up of 5000 CBG plants by 2023-24 with a production target of 15 MMT, facilitating the creation of new employment opportunities and enhancing farmers' income towards further invigorating the rural economy.

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 tumbled 29.4% to Rs 11.39 crore on a 11.5% fall in net sales to Rs 260.24 crore in Q2 FY21 over Q2 FY20.

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