Praj Industries Share Price | Praj Industries shares rockets after Global Biofuel Alliance announcement, know why?

Praj Industries Share Price | The Global Biofuel Alliance was launched by India’s Prime Minister Narendra Modi while chairing the G-20 countries in New Delhi recently. After this, on Monday, the shares of ethanol manufacturing companies recorded a huge rise. Sugar stocks recorded a significant rise in morning trading on Monday. After the G20 summit, Prime Minister Narendra Modi had said that he is going to start the Global Biofuel Alliance. After this, there has been a huge buying in the shares of ethanol producing companies.

Praj Industries Share Price | 52-week high

In Monday’s trading, the shares of Praj Industries reached a 52-week high and touched the level of ₹ 600. Shares of Praj Industries rose 15 per cent in the day’s trade.

In the last 5 days, the shares of Praj Industries have given returns of more than 13 per cent to investors, while in the last one month, the shares of Praj Industries Limited have shown a return of 24 per cent to investors. In the last 6 months, Praj Industries shares have gone from ₹ 300 to ₹ 600 levels and the capital of investors has doubled.

On Monday, the stock of Shree Renuka Sugar rose more than 7 percent. Shares of Dhampur Sugar Mills and Balrampur Chini rose up to 5 per cent.

In early trade of the day, EID Parry’s shares were up two per cent, while Globus Spirits was also trading two per cent higher and Dwarikesh Sugar Industries shares were also up more than two per cent.

Prime Minister Narendra Modi had mentioned the Global Biofuel Alliance during the G-20 Summit. This can prove to be promoting the use of biofuel worldwide.

Companies from different countries of the world are going to try to promote biofuel options through technological development and through this, the use of biofuels can be increased by reducing the use of fossil fuels.

Biofuel made from biomass is a source of renewable energy. India imports more than 85 per cent of its crude oil needs. India is gradually increasing its dependence on biofuel to reduce the import bill.

During the G-20, Prime Minister Narendra Modi had asked countries to promote ethanol blending in petrol and gradually increase its ratio to 20 percent.

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