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Investing.com - JPMorgan has initiated coverage on Praj Industries (NS:PRAJ) with a Neutral rating and a price target of INR403.00, citing slowing demand for bio-ethanol projects.
The stock has corrected sharply by approximately 50% from its peak in January 2025, compared to a 5% increase in the Nifty Fifty during the same period. This decline comes as India has already achieved its 20% ethanol blending target, leading to a temporary slowdown in demand.
Recent U.S. tariff-related developments have also weighed on Praj’s export business, adding to uncertainties that have prompted JPMorgan to remain on the sidelines despite the company’s long track record of successful technology development.
Praj Industries , founded in 1983, has been a pioneer in bio-ethanol technology development in India and is currently seeding new growth areas through modular engineering solutions and co-products in bio-energy.
JPMorgan notes that longer-term growth optionality exists for Praj through potential favorable policy changes regarding higher ethanol blending and diesel mandates, as the government evaluates extending the mandate to 25% or higher blending.
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