homemarket Newsstocks News

Praj Industries shares jump over 7% after signing contracts with Gevo Inc

Praj Industries shares jump over 7% after signing contracts with Gevo Inc

Praj Industries shares jump over 7% after signing contracts with Gevo Inc
Profile image

By Mousumi Paul  Apr 10, 2019 12:54:50 PM IST (Updated)

Shares of Praj Industries rallied 7.29 percent on the NSE after the company signed a Construction License Agreement (CLA) with Gevo, Inc, USA to commercialize technology for the production of lsobutanol.

Shares of Praj Industries rallied 7.29 percent on the NSE after the company signed an agreement with Gevo Inc USA to commercialize the technology for the production of lsobutanol using sugary-based feedstocks, such as juice, syrup and molasses.

Recommended Articles

View All

At 11:03 AM, the stock was up 6.43 percent at Rs 147.30 per share while in comparison, Nifty index fell 26.45 points to 11,645.50.
In its press release, the company said, “Pursuant to the CLA, Praj will provide Engineering Procurement and Construction (EPC) services to 3'd parties using a process design package developed by Praj. This package uses Gevo's proprietary lsobutanol biocatalyst on sugary-based feedstock. lsobutanol derived from said proprietary process is high energy renewable intermediate product that finds application in Aviation and Racing cars.”
Praj also signed a memorandum of understanding (MOU) with Gevo to commercialize Gevo's renewable hydrocarbons products. This includes Gevo's renewable alcohol-to-jet fuel ("ATJ") and renewable isooctane, derived from Gevo's renewable lsobutanol, it said.
According to the company, this agreement will allow Praj to leverage its extensive customer base to identify those interested in licensing Gevo's technology to produce lsobutanol. It will also provide access to markets outside of North America such as India, Southeast Asia, Australia, South America and parts of Europe.
Praj Industries is a bio-energy process solutions provider that was established over three decades ago. In fact, the stock has already risen over 34 percent this calendar year.
Also, if results are taken into consideration, the company has a consistent performance. In Q3FY19, its consolidated revenue rose 33 percent while net profits grew 214 percent YoY. Furthermore, the small-cap stock had order backlog of Rs 990 crore with 76 percent of domestic orders and 24 percent of international orders.
Catch all the live and latest update here on CNBC TV18 Market Live Blog.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng