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Asia
Praj Industries Appoints CFO
Bioenergy company Praj Industries (NSE:PRAJIND, BOM:522205) has appointed Sachin Raole as the joint managing director and chief financial officer with effect from April 30, according to a Tuesday filing to the Indian stock exchanges.The company's shares were down nearly 2% in recent trade.
$BOM:522205$NSE:PRAJIND
Commodities
US Gas Producer EQT Structurally Well-Placed to Benefit From Energy Market Crisis, RBC Says
Appalachian-focused US oil and gas producer EQT (EQT) is strategically growing its midstream capacity for 2027 and beyond and looks well-placed to benefit from market shifts amid conflict in the Middle East that has upended energy markets, RBC Capital Markets said in a research note on Sunday.RBC analysts said that although current projects total 2-3 billion cubic feet equivalent per day, management expects discussions with counterparties to lead to a production hike to between 8 and 10 billion cubic feet per day.Critically, RBC notes that EQT was an early mover versus peers to secure LNG offtake that can now deliver major value in the context of the Iran conflict.The company outperformed in Q1 leveraging the advantages of its integrated business model.Production in the first quarter was above guidance, coinciding with a peak in winter pricing, with operating expenses and capital outgoings below guidance.EQT has shown that it has an ability to identify problems across the midstream quickly, enabling its commercial team to arbitrage pricing.The company's LNG offtake strategy unsettled some investors when it was announced last year, amid fears of a gas flut, but that has become irrelevant due to conflict in the Middle East. Its offtake contracts start in 2030 and destination contracts likely come close to that timeframe, RBC said.RBC has a 'sector perform' rating on EQT and a price target of $69 versus a recent share price around $58.91.
$EQT
Commodities
Ddev Plastiks Begins Commercial Operations of New Manufacturing Unit in Rajasthan, India
Ddev Plastiks Industries (NSE:DDEVPLSTIK, BOM:543547) has begun commercial operations of its XLPE and allied products manufacturing unit at Bhiwandi in Rajasthan, India, according to a filing to the Indian stock exchanges on Tuesday.The operations of this unit is expected to enhance the production capacity of the company's niche product, XLPE, also known as cross-linked polyethylene.The new unit has been set up with an investment of 800 million Indian rupees with a capacity of around 48,000 MTPA. It is expected to generate an additional revenue of around 5 billion rupees, subject to favorable market conditions and optimal capacity utilization.The company's shares were up nearly 2% in recent trade.
$BOM:543547$NSE:DDEVPLSTIK