HPCL share rose 5% today after the firm said it would set up a compressed biogas (CBG) project at Badaun in Uttar Pradesh. The plant will have the capacity to generate 5,250 tonne of compressed biogas. Praj Industries, the Pune-based process and project engineering company will develop the plant. Share of HPCL touched an intraday high of Rs 249.45, rising 4.92% on BSE.
The large cap stock opened with a gain of 2.25% against previous close of Rs 237.75 on BSE. The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.
In one year, the share has gained 14.84% and risen 12.39% since the beginning of this year. Market cap of the firm rose to Rs 37,379 crore. At 10:19 am, HPCL share was trading 2.63% higher at Rs 244 on BSE. The project will have a capacity to process 35,000 tonnes of rice straw as feedstock to generate 5,250 tonnes of CBG annually.
It will also generate 23,000 tonnes high-quality solid bio- manure and 3,50,000 tonnes of liquid bio-manure for ferti-irrigation. The project has a potential to save up to 15,000 tonne of CO2 emissions per year and will be completed and commissioned within 12 months.
Meanwhile, Sensex opened 363 points or 0.71 per cent higher at 51,388.54 and Nifty rose 116 points or 0.77 per cent higher at 15,214 today. Share of IndusInd Bank, Mahindra & Mahindra, Sun Pharmaceutical Industries, Infosys, State Bank of India were among the top gainers.