On Friday, Praj Industries shares rose 4% as it signed a contract with Indian Oil Corporation Limited (IOCL) to reinforce biofuel production capacities in India.

Various biofuels enclosed under this treaty comprise Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen, the company stated in a regulatory filing.

At 9:23 am, the company’s shares traded 4% higher at Rs 385.75 on the BSE. Meanwhile, IOCL shares were shone 2.1% at Rs 100.7.
Earlier in October 2021, both businesses had arranged to form a 50:50 Joint Venture.

The nation’s first advanced biofuel refinery at Indian Oil’s Panipat complex is founded on Praj’s proprietary 2G technology.

The Pune-based company is a contractor of ethanol plants and a worldwide company that delivers various engineering solutions focusing on the setting, energy, and agri-process industry. Praj Industries is among the Indian market leaders in the Ethanol Plant market and the country’s top Zero Liquid Discharge players.

Praj Industries is a key recipient of multiple tailwinds the bio-economic rebellion provides. It gives robust growth and income visibility for the next 3-5 years, said Axis Securities while adding it is a pure equity play on the global decarbonisation theme.