Shares of a company engaged in offering services for collection, disposal, and recycling of e-waste surged 5.2 percent on NSE to Rs. 183.95 on Wednesday, after the company announced acquiring land to set up e-waste recycling plant in Telangana.
With a market capitalisation of Rs. 415.7 crores, at 10:10 a.m., the shares of Namo eWaste Management Limited were trading in the green at Rs. 181.8, up by nearly 4 percent, as against its previous closing price of Rs. 174.85.
What’s the News:
According to the latest regulatory filings with the NSE, Namo eWaste Management Limited was allotted 2 acres of land for a total cost of Rs. 3 crores, with an advance payment of Rs. 30 lakhs.
This land, situated in the Electronic Manufacturing Cluster in Maheshwaram, Ranga Reddy District, Telangana, was obtained from the Telangana State Industrial Infrastructure Corporation (TSIIC) under the Government of Telangana.
Namo eWaste Management plans to use the acquired land for setting up an e-waste recycling plant in Telangana, aligning with the company’s strategic commitment to becoming a Pan-India recycler.
This acquisition will strengthen the presence of Namo eWaste Management Limited in the southern region, and create new opportunities for expanding the company’s e-waste recycling operations.
Previous News:
Shares of Namo eWaste Management Limited made a strong market debut on September 11, listing at Rs. 161.5 on the NSE SME platform, representing a premium of 90 percent from the issue price of Rs. 85 per share.
Prior to the listing, the company’s shares exhibited a strong grey market premium (GMP) of nearly 92 percent compared to the issue price.
The company’s public offer was valued at Rs 51.20 crore and was an entirely fresh issue of 6.02 lakh equity shares, priced within a band of Rs 80 to Rs 85 each in the IPO. This strong listing reflected the high demand for the public offer, which was subscribed 225.64 times.
In the retail investor category, subscriptions reached 195.54 times, while non-institutional investors (NII) displayed significant interest, with bids amounting to 394.20 times the allocated portion. Additionally, the Qualified Institutional Buyers (QIBs) segment was also notably subscribed at 151.75 times.
Financials:
The company reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 72.6 percent, rising from Rs. 58.5 crores in FY23 to Rs. 101 crores in FY24.
During the same period, the company’s net profit rose from Rs. 2.4 crores to Rs. 6.83 crores, reflecting a growth of 183.3 percent YoY.
About the Company:
Namo eWaste Management Limited is engaged in the business of collection, disposal, and recycling of electronic and electrical waste (e-waste).
The company handles waste, including air conditioners, refrigerators, laptops, phones, washing machines, and fans, along with managing large volumes of e-waste and extracting valuable components such as copper, aluminium, and iron from these devices.
The company’s service offerings include electronic recycling, refurbishment (involving testing, repairing, and cleaning devices to restore them to a usable condition), and Extended Producer Responsibility (EPR) services.
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Written by Shivani Singh
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