Praj Industries hits new 52-week high - here's why

Praj Industries share price hit a new 52-week high price of Rs 461.45 in trade on Friday, rising 3 percent as the company announced "first of its kind “Center Of Excellence & Innovation” (CoEI) for Biopolymers". Praj Industries stock price had jumped 9 percent in Thursday's intra-day trade on expectations of strong order inflow in the coming quarters.

"India will soon have first of its kind “Center Of Excellence & Innovation” (CoEI) for Biopolymers. A Memorandum of Understanding (MoU), to this effect was signed between Dr. Pramod Chaudhari, Founder Chairman of Praj Industries (Praj) and Mr. Aniruddha Pandit, Vice Chancellor of ICT today in Mumbai," Praj Industries said in an exchange filing.

Biopolymer, an important element in Renewable Chemicals and Materials (RCM), is produced from agricultural resources and can be used as sustainable  alternative to plastic. Being  biodegradable in nature, it helps conserve environment.

Speaking on the occasion, Dr. Pramod Chaudhari, Founder Chairman of Praj, said, “We are delighted to further reinforce our ongoing relationship with ICT through this MoU. World is grappling with climate crisis, and we need innovative technology solutions to ensure sustainable development. Together with ICT we intend to accelerate transition to carbohydrate-based economy by unleashing huge application potential of biopolymers. I am certain that CoEI will pave way for greater usage of environment friendly materials in industry as well as society.”

At 10.25 am, Praj Industries stock price was trading at Rs 458.35, up 3.34 percent on BSE. So far this year, Praj Industries share price has gained more than 37 percent.