India's Praj Industries climbs on positive growth view

Praj Industries

08/03/2023 08:40

** Shares of Praj Industries  PRAJ.NS  rise nearly 6% to
367.80 rupees
    ** Domestic brokerage Systematix Institutional Equities
initiates coverage with a "buy" rating on March 3, with a price
target of 458 rupees
    ** Systematix says co is a play on rising demand for
bioenergy; sees new opportunities in ethanol blending in diesel
and flex fuel engines
    ** Co to continue to dominate ethanol capital expenditure in
India, gain from opportunities in sustainable aviation fuel,
marine biofuels and bio hydrogen - Systematix
    ** PRAJ is a great franchise available at attractive
valuations, according to Systematix; estimates 29% revenue
compound average growth rate over FY2022-25
    ** Stock up nearly 8% since March 3; on course to extend
gains for three days
    ** Trading volume is 1.2 mln shares as of 1:56 p.m. IST,
nearly thrice the 30-day avg - Refinitiv data
    ** Average rating of six analysts close to equivalent of
'strong buy' with median PT of 476.50 rupees - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))