In Thursday’s intra-day trade, shares of Praj Industries jumped 9 per cent to hit a record high of Rs 453.65 due to heavy volumes and hopes of strong order inflow in the coming quarters. The stock surpassed its previous high of Rs 448.25, which it had reached on January 20, 2022.

At 12:20 PM, Praj Industries quoted 8 per cent higher at Rs 448.15 per share, a nearly two-fold climb in average trading volumes. Comparatively, the S&P BSE Sensex was up 0.66 per cent at 58,449 points. A combined 5.41 million shares have changed hands on the BSE and NSE so far.

Praj Industries is engaged in the business of process and project engineering. The company caters to both domestic as well as international markets. Further, the firm also provides design and engineering services. Praj Industries remains optimistic about the ethanol industry beyond the E20 target. Several policy measures under discussion, like stationary diesel engine conversion to ethanol, diesel blending program, flex-fuel vehicles, and ethanol export under certain circumstances, are all likely to drive the demand for ethanol further.

As per estimates, the company sounded positive about the strong order inflows in the coming quarters, considering the government’s target to achieve 20 per cent ethanol blending by 2025.