Praj Industries Shares Rally 9%; Hit New 52-Week High On Breakthrough in ‘Bio-Bitumen'

Shares of Praj Industries, an heavy engineering company gained up to 9 percent to scale to its fresh 52-week high of Rs. 398.25 per share on the NSE. This is even as the headline indices traded weak by as much as 25 points drag on the Nifty, which at the time of writing this report held above 15000 points.

Praj Industries Shares Rally 9 Percent; Hit New 52-Week High On Breakthrough in ‘Bio-Bitumen'

For its investors on May 18, 2021, the company released a BSE filing which outlined the company's achievement in producing Bio-bitumen.

"Praj Industries India's most accomplished industrial biotech company has achieved yet another milestone by developing innovative technology to produce Bio-bitumen based on lignin. The Netherlands-based Circular Biobased Delta, one of Europe's premier consortia to promote bioeconomy, has approved Praj's Bio-bitumen samples processed from Purified Lignin, as a part of their flagship CHAPLIN program. Lignin is one of the co-products resulting from the 2 nd generation Ethanol plants, paper making and also from Compressed Bio-Gas plants. Bitumen is a black viscous mixture of hydrocarbons produced by fractionation of crude oil and has wide applications in road construction and roofing as binder", said the company in the filing.

Furthermore, the company's Q4FY21 results have been with income almost doubling from the previous quarter to Rs. 500 crore and reporting PAT just at double of the previous quarter at Rs. 51 crore.

GoodReturns.in