Shares of Praj Industries, a provider of biofuel technology solutions, rose by 6.4% to reach a 52-week high on the National Stock Exchange (NSE) in response to Union Minister Hardeep Singh Puri's statements regarding India's biofuel blending targets. Minister Puri, who recently assumed charge as the Minister for Petroleum and Natural Gas, announced that India had successfully achieved a 15% ethanol blending target in May and was on track to hit the 20% target by 2025, five years ahead of the original schedule. This news also positively impacted other sugar stocks like Balrampur Chini, Magadh Sugar & Energy, and Rana Sugars, which experienced increases in their share prices. Puri's announcement highlighted India's commitment to accelerating its energy matrix development and reducing carbon emissions through initiatives like biofuel integration and green hydrogen projects. However, not all sugar stocks saw gains, with Shree Renuka Sugars and Eid Parry experiencing slight declines. In addition to domestic factors, global trends influenced the market as well, with a slowdown in sugar production in Brazil and rising cocoa prices contributing to the overall positive sentiment. A survey of analysts projected a 0.8% year-on-year decrease in sugar production in the second half of May. This confluence of factors signals a growing focus on renewable energy sources and sustainable practices in the Indian market.