Shares of this carbon trading company clocked 5 percent upper circuit after they announced a partnership with Indian Oil Corporation Limited (IOCL) to promote a Sustainable Indoor Solar Cooking System.
With a market capitalization of Rs. 1,164 crores, the shares of EKI Energy Services Ltd started Wednesday’s session on a flatter note at Rs. 409 compared to its previous close at Rs. 409.90. During the trading session, the share hit a 5 percent upper circuit at Rs. 430.35 apiece.
Such a bullish movement was observed after the company in an exchange filing mentioned that they had entered into a partnership with Indian Oil Corporation Limited (IOCL) to promote a Sustainable Indoor Solar Cooking System. The collaboration aims to advance clean energy with ‘Surya Nutan’, an innovative indoor solar cooking system, designed and patented by IndianOil’s R&D division.
According to MOU, IOCL will share the technology of ‘Surya Nutan’ with EKI Energy Services to enhance its production and distribution, supported by carbon finance. Furthermore, EKI will oversee the end-to-end management of the product encompassing manufacturing, marketing, installation, and the provision of after-sales services.
Coming onto the financial statements, the revenue increased by 24 percent from Rs. 62 crores during Q1 FY24 to Rs. 79 crores during Q2 FY24. On a contrasting note, the net losses broadened from Rs. 32 crores to Rs. 43 crores during the same period.
The company aims to act as a single window service provider for harnessing global opportunities in the trade of emission reductions and climate business. Moreover, the company has a market share of 15 to 20 percent in the international voluntary carbon market currently, and they aims to increase it in the future.
During the current financial year, the company has deployed approximately Rs. 101 crores capex for community-based projects and they are planning to enter into the Biomass segment with a contract with Thermax.
Headquartered in Madhya Pradesh, EKI Energy Services Ltd was incorporated in 2011. The company provides carbon credit trading, carbon advisory services, climate change and sustainability solutions.
Written By Vaibhav Patil
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