The ethanol market is in for better prospects as oil PSUs are adopting such technologies. The Praj Industries commentary reflects that.
At 0946 hrs, Praj Industries was quoting Rs 147.45, up 6.96 percent on the BSE.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 37 points or 0.34 percent. Nifty futures were trading around 10,730 - level on the Singaporean Exchange.
CBG is a complementary renewable transportation fuel to compressed natural gas (CNG).
Brokerage house believes Balrampur Chini, Dhampur Sugar and Praj Industries are likely to benefit the most from the Centre’s ethanol policy.
Praj Industries has reported a consolidated total income from operations of Rs 191.60 crore and a net profit of Rs 3.49 crore for the quarter ended Jun-2018
Edelweiss is bullish on Praj Industries has recommended buy rating on the stock with a target price of Rs 115 in its research report dated May 17, 2018.
"The positive divergence on secondary indicators are supporting the up move in prices along with multiple supports at its short and long-term moving averages," says Shitij Gandhi, Senior Research Analyst at SMC Global Securities.
Rajesh Agarwal of AUM Capital recommends buying Jindal Steel & Power with target of Rs 263 and stop loss at Rs 245 and CESC with target of Rs 1078 and stop loss at Rs 1028.
Net Sales are expected to decrease by 10.2 percent Y-o-Y (up 9 percent Q-o-Q) to Rs. 270.7 crore, according to Edelweiss.
"Praj Industries has given a channel breakout above Rs 95 level on the daily scale with higher volumes. The Daily Relative Strength Index (RSI) is showing upward momentum and the MACD is trading with a positive crossover near the zero line," says Abhishek Mondal of Guiness Securities.
Ashwani Gujral of ashwanigujral.com recommends buying Delta Corp with a stop loss of Rs 312, target of Rs 328 and GSFC with a stop loss of Rs 154, target of Rs 168.
“I don’t see any reason to expand capacity for another two years,” said Pramod Chaudhari, Executive Chairman of Praj Industries.
Edelweiss is bullish on Praj Industries has recommended buy rating on the stock with a target price of Rs 85 in its research report dated August 17, 2017
Praj Industries posted a muted set of earnings in Q1. In an interview to CNBC-TV18, Sachin Raole, CFO and Director-Finance, & Commercial of Praj Industries spoke about the results and his outlook for the company.