Praj Industries share price jumps 5% on agreement with oil ministry

Praj Industries share price jumped over 5 percent intraday on November 23 after the company signed a non-binding agreement with the oil ministry for multiple compressed bio-gas units.

"Praj Industries has signed a non-binding Memorandum of Understanding (MoU) with Ministry of Petroleum & Natural Gas in presence of Hon'ble Minister Petroleum & Natural Gas & Steel, Government of lndia, on November 20, 2020 with the objective to facilitate technological support to the entities for setting-up and commissioning of multiple number of eligible and qualified CBG (compressed bio-gas) plants and their continuous operation for production of CBG and Organic Compost Manure under Sustainable Alternative Towards Affordable Transportation," the company said in an exchange filing.

The stock was trading at Rs 85.25, up Rs 3.95, or 4.86 percent at 1140 hours. It has touched an intraday high of Rs 86.45 and an intraday low of Rs 82.25.

The scrip also witnessed a spurt in volume by more than 4.27 times and was trading with volumes of 261,451 shares, compared to its five-day average of 93,136 shares, an increase of 180.72 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long-term moving averages. The company has zero promoter pledge with low debt. FII/FPI or institutions increasing their shareholding.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.