The announcement was made after trading hours yesterday, 9 April 2019.
Meanwhile, the S&P BSE Sensex was down 54.70 points, or 0.14% to 38,884.52.
On the BSE, 1.20 lakh shares were traded in the counter so far compared with average daily volumes of 2.08 lakh shares in the past two weeks. The stock had hit a high of Rs 148.65 and a low of Rs 142.60 so far during the day. The stock hit a 52-week high of Rs 168 on 7 March 2019. The stock hit a 52-week low of Rs 72.50 on 6 July 2018.
Praj Industries announced that it has signed a construction license agreement (CLA) with Gevo, Inc, USA dated 4 April 2019, to commercialize technology for the production of Isobutanol using sugary-based feedstocks, such as juice, syrup and molasses. Pursuant to the CLA, Praj Industries will provide engineering procurement and construction (EPC) services to 3rd parties using a process design package developed by Praj. This package uses Gevo's proprietary Isobutanol biocatalyst on sugary-based feedstock. Isobutanol derived from said proprietary process is high energy renewable intermediate product that finds application in aviation and racing cars.
To that effect, Praj also signed a memorandum of understanding (MoU) with Gevo Inc. to commercialize Gevo's renewable hydrocarbons products. This includes Gevo's renewable alcohol-to-jet fuel (ATJ) and renewable isooctane, derived from Gevo's renewable Isobutanol.
Gevo is a next generation low-carbon fuel company focused on the development and commercialization of renewable alternatives to petroleum-based products.
On a consolidated basis, net profit of Praj Industries rose 197.88% to Rs 22.43 crore on 33.04% rise in net sales to Rs 330.31 crore in Q3 December 2018 over Q3 December 2017.
Praj Industries is a bio energy process solutions provider with a diversified portfolio offering integrated solutions for bio-energy, high purity water, zero liquid discharge systems, critical process equipment & skids systems and brewery plants.