The shares of this green energy solution company rose 5% to an intraday high of ₹707.55 per share after the firm trailed a patented technology to handle salty waste water and caustic streams in Saudi Chemical Manufacturing company primarily owned by Saudi Aramco.
On Monday, Taylormade Renewables Ltd shares closed at ₹ 707.55 per share, up ₹ 33.65 or 5 percent from the previous close price on the exchange. The company has a market capitalization of ₹777 crore.
The company conducted trials at its pilot trial facilities in Saudi Basic Industries Corporation (SABIC), a Saudi Chemical Manufacturing company primarily owned by Saudi Aramco. The trials involved two different hazardous effluents: salty wastewater and Caustic Stream.
SABIC is a global leader in Petrochemicals, Industrial Polymers, and fertilizers. Seeking an appropriate technology for treatment, SABIC, S.A. focused on the Salty Wastewater and Caustic Stream from their Phenol Plant to achieve higher recovery rates.
The patented RAIN Technology from Taylormade Renewables Ltd exhibited excellent treatability for almost all constituents in the final condensate from the second condenser. The treated water was clear and transparent, making it 100% recyclable for process applications.
The results demonstrated the effectiveness of the patented TRL RAIN technology in treating hazardous wastewater streams, aligning with internationally accepted treated water norms. This trial presents numerous opportunities for the global application of TRL RAIN technology across petroleum and various allied industries. The company reported in its exchange filing.
Taylormade Renewables shares have gained 38 % in the last six months and 805% in a year. For instance, A shareholder investment of ₹ 1 lakh in the company a year ago, would be worth ₹9.05 lakhs.
Taylormade Renewables Ltd is in the business of providing renewable energy solutions.
The company’s revenues have increased by 246 percent year on year from ₹ 7.54 crores in Q2FY23 to ₹ 26.11 crores in Q2FY24, while net profit has increased by 11400 percent in the same period, from ₹ 0.07 crores to ₹8.05 crores.
Written by Omkar Chitnis
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