The company also signed a Memorandum of Understanding (MoU) with Gevo to commercialize the latter's renewable hydrocarbon products
Shares of Praj Industries surged 8% to 149 RS on the BSE in early morning trade on Wednesday after the company announced it has signed a Construction License Agreement (CLA) with US-based Gevo Inc to commercialize the technology for the production of isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses.
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“Pursuant to the CLA, Praj will provide Engineering Procurement and Construction (EPC) services to 3'd party using a process design package developed by Praj. This package uses Gevo's proprietary isobutanol biocatalyst on sugary-based feedstock. Isobutanol derived from said proprietary process is high energy renewable intermediate product that finds application in aviation and racing cars,” Praj Industries said in a press release.
The company also signed a Memorandum of Understanding (MoU) with Gevo to commercialize the latter’s renewable hydrocarbon products. It has also signed a pact to produce isobutanol using agricultural residue, such as bagasse, and rice straw, among others, it said.
Thus far in the calendar year 2019, Praj Industries has outperformed the market by surging 35%, against 8% rise in the S&P BSE Sensex. The stock hit an all-time high of Rs 168 on March 7, in intraday trade.
The company had reported 175%jumps up in its net profit at Rs 34.96 crore for the first 9 months (April-December) of the financial year 2018-19. Operational income grew 19%b to 773 crore Rs over the same period previous fiscal.
As on December 31, 2018, the company had the consolidated order backlog of Rs 990 crore, which comprised 76% from domestic orders and 24% international orders.
The management said the visibility of business is steadily improving in light of continued mandate intensity in domestic and international markets as well as favorable customer response to a wider bouquet of offerings.
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