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    Praj Industries surges 4% as co forays into renewable chemicals industry

    Synopsis

    Praj said it has already entered into an overarching MoU with National Chemical Laboratory (NCL) for jointly working on the project opportunities in RCM space.

    Praj Industries | BUY | Target Price: Rs 65
    These products have applications in industry sectors such as automotive, packaging, furnishing, construction, agriculture and food.
    NEW DELHI: Shares of Praj Industries climbed 4 per cent in Thursday's trade after the company announced its foray into the global renewable chemicals and materials (RCM) industry.

    The RCM industry worldwide is estimated to have reached $65 billion, and over a decade it is likely to cross around $200 billion at a CAGR of 11-12 per cent. The Asian market is presently pegged at around $25 billion.

    Praj said it has already entered into an overarching MoU with National Chemical Laboratory (NCL) for jointly working on the project opportunities in RCM space.

    Executive Chairman Pramod Chaudhari said his company looks to expand its business horizons by developing technologies to produce bio-based RCM, which are sustainable alternatives to products made from fossil resources.


    "Praj is now making inroads into the RCM industry through its newly launched Bio-PrismTM portfolio. This reaffirms Praj’s vision of developing and deploying environment friendly and sustainable solutions to make the world a better place," the company said.

    Praj’s Bio-PrismTM portfolio comprises a variety of bio-industrial products, including bio plastics as a priority, along with cellulose-lignin refinery products and specialty products.

    These products have applications in industry sectors such as automotive, packaging, furnishing, construction, agriculture and food.


    "Over a short to medium term, Praj plans to commit substantial resources for technology and application development with its strategic partners," the company said.

    The shares of the company closed 3.59 per cent higher at Rs 69.25 on BSE.




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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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