Praj Industries gains after hiking stake in subsidiary

Praj Industries rose 2.24% to Rs 80 at 13:01 IST on BSE after the company acquired a further stake of 20% in its subsidiary Praj HiPurity Systems for approximately Rs 35.70 crore.

The announcement was made during market hours today, 25 August 2015.

Meanwhile, the S&P BSE Sensex was down 8.94 points or 0.03% at 25,732.62

On BSE, so far 3.72 lakh shares were traded in the counter as against average daily volume of 6.11 lakh shares in the past one quarter.

The stock hit a high of Rs 81.70 and a low of Rs 69.10 so far during the day. The stock had hit a 52-week low of Rs 54.55 on 23 January 2015. The stock had hit a 52-week high of Rs 117.30 on 23 July 2015.

The stock had underperformed the market over the past one month till 24 August 2015, sliding 26.59% compared with 8.43% fall in the Sensex. The stock, however, outperformed the market in past one quarter, gaining 31.62% as against Sensex's 7.93% decline.

The small-cap company has equity capital of Rs 35.50 crore. Face value per share is Rs 2.

Praj HiPurity Systems was formerly known as Neela Systems. With the latest stake acquisition, Praj HiPurity Systems has become a wholly owned subsidiary of the company, Praj Industries said.

On a consolidated basis, Praj Industries' net profit rose 108.9% to Rs 5.18 crore on 13.7% decline in total income to Rs 195.22 crore in Q1 June 2015 over Q1 June 2014.

Praj Industries, a global process solutions company driven by innovation and integration capabilities, offers solutions to add significant value to bio-ethanol facilities, brewery plants, water & wastewater treatment systems, critical process equipment & systems, HiPurity solutions and bio-products.

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