Sugar rush! Praj Industries, Balrampur Chini shares jump by over 6% on boost from ethanol blending
NEW DELHI (June 14): Shares of Praj Industries surged 6.4% to a 52-week high of Rs 658 on the NSE, after Union Minister Hardeep Singh Puri confirmed India is on track for a 20% ethanol blending target by 2025. India achieved a 15% blending target in May. Other notable sugar stocks also saw gains, including Balrampur Chini (up 3.5%), Magadh Sugar & Energy (3%), Rana Sugars (3%), and Mawana Sugars (2%).
Shares of Praj Industries which offers biofuel technology solutions jumped 6.4% to hit their 52 week high of Rs 658 on the NSE on Wednesday reacting to Union minister Hardeep Singh Puri’s statement on Tuesday that India was on track to achieve its 20% blending target by 2025.
Puri, who assumed charge as the Minister for Petroleum and Natural Gas in the Narendra Modi 3.0 government, also informed that the country successfully achieved the 15% ethanol blending target in May.
Apart from Praj, the other sugar stocks that captured investor’s eyeballs included Balrampur Chini (up 3.5%), Magadh Sugar & Energy (3%), Rana Sugars (3%) and Mawana Sugars (2%). Meanwhile, Dwarikesh Sugar 6/1
