Bonus boost for Praj Industries

DALAL STREET SPIKES

The stock of Praj Industries rose on bonus plan. In the opening trade, the stock zoomed to its new 52-week high of Rs 675, before closing at Rs 667.35, up 8.7 per cent from its previous close.

The company announced that its board of directors in a meeting on June 17 will consider a bonus issue and a stock-split.

Sources said, the market has a wind of some positive announcement in advance. The stock has rallied sharply from Rs 408.25 on April 15 to Monday's close of Rs 667.35, appreciating 63 per cent.

In Monday's trading, more than 73 thousand shares changed hands on BSE. Praj Industries designs and offers turnkey solutions for distilleries which produce potable and industrial alcohol or fuel ethanol.

It also provides modernisation and upgradation of existing alcohol plants. For the brewery segment, Praj provides R&D, engineering, technical support, project management and construction.