The Govt of India, in its official gazette, stated yesterday that it will prepone the 20% ethanol blended fuel from 2025 to 2023. When ethanol blending or E20 as it is known as was started, it was anticipated that this will be adopted by the entire country by 2030; then it was preponed to 2025 and now to 2023.
E20 is a way to reduce fuel import bill and also bring down the environmental pollution by reducing the amount of CO2 in the air.
Ethanol used for E20, mainly comes from sugar cane processing and Praj is the market leader in this sector.
The stock price has been on the rise for quite some time and today, figuring among the top five gainers on the BSE, the stock opened 10% higher at Rs.373.35, its UC and is now trading at Rs.364 levels, up over 7%. Its 52-week high is at Rs.398, hit on 19th May.