Praj Industries’ share hit a 52-week high of Rs 599.50 on 11 September following Prime Minister Narendra Modi’s announcement of a Global Biofuel Alliance at the G20 summit in New Delhi to boost the use of cleaner fuels.

The announcement made the shares of the company rally as Praj Industries has a 60-65% market share in developing ethanol plants and offers biofuel technology solutions.

The main aim of the Global Biofuel Alliance is to speed the transition towards sustainable biofuel and reduce the dependency on traditional fossil fuels worldwide.

Biofuel is a renewable energy fuel that is derived from biomass like crop stubble, municipal solid waste, and plant waste.

During the G20 summit, PM Modi urged nations to take ethanol blending with petrol globally to 20%.

India’s Current ethanol blending is at 11.5%, and India plans to achieve a target of 15% ethanol blending over the next couple of years.

Ethanol blended motor fuel contains ethyl alcohol and is blended exclusively with gasoline.

At 3:30 pm, the shares of Praj Industries closed at Rs 586 or 13.03% above its previous close on NSE.