In early July 2008, JM Financial Mutual Fund bought about 5.80 lakh shares of Praj Industries, increasing its stake to 5.25 per cent. Among other interested investors in Praj who hold more than one per cent stake are Rakesh Jhunjhunwala (5.39%) and Vinod Khosla (6.15%). Average trading volumes in the Praj stock increased 33 per cent to 11,600 shares, during the past fortnight, but average,delivery volumes remained unchanged at 16 per cent. The stock recovered 121 per cent from a 52-week low of Rs 100 in March 2008, to Rs 221 in May and is trading at a PIE of 20x and 1 6x to its FY09 and FY10 earnings. Praj registered a 13 per cent decline in net profit to Rs 25 crore in the first quarter of FY09. Net sales increased by 12 per cent to Rs 155 crore y-o-y.
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