Dollex Industries has signed a memorandum of understanding (MOU) with the Madhya Pradesh government to set up an integrated agro-energy complex. Dollex Industries has already signed two MOUs with Maharashtra government. The project will need an investment of Rs 1050 million.

This will be a major project for the company which works in agro-energy sector. The complex will make use of ethanol and sugar for power generation.

Directorate of farmer welfare and agriculture development for the state of Madhya Pradesh signed the MOU with Dollex Industries. The officials from MP government have said that the project will be awarded necessary registrations from the concerned departments on a priority basis. Dollex Industries will also be eligible for incentives under various schemes of the government.

In today’s trade, the stock opened at 114, up by nearly 2 percent. But as the market is trading in negative zone, the stock price went down. The stock is trading at 105.90, down by nearly 5.7 per cent. Doller Industries has a 52-week high of Rs 149 and a low of Rs 27.

Technical Analyst Prakash Gaba suggested investors to pick up the stock on first of October this month during an interview. Prakash Gaba said that the Dollex Industries has strong support at 109 levels and there may be a return of nearly 25 % in short term. The stock may see some resistance at 128 levels as per technical view of Mr. Gaba.

As the stock has gone below 109 already, the traders should be cautious. In case the stock closes below 109 levels for two trading sessions, one may think of booking profits.

Photo Source: umich.edu