EKI Energy Services Ltd Share Price – BSE

Miscellaneous, Small Cap

GHG Reduction Technologies, a subsidiary of EKI Energy Services, announced the inauguration of its state-of-the-art Biomass Briquettes (Biocoal) manufacturing plant in Dindori, Nashik, Maharashtra. The inauguration ceremony marked a significant milestone in GHG Reduction Technology's ongoing commitment towards clean energy transitions and mitigating global warming.

The new biomass briquettes plant represents EKI's mission to facilitate manufacture products that significantly reduce greenhouse gas emissions through its Nashik-based subsidiary. By introducing biomass briquettes as a cleaner and more sustainable alternative to traditional coal, the company aims to contribute to environmental conservation and promote eco-friendly energy solutions.

Biomass briquettes, made from agri-residue such as sugarcane trash, corn cob, soya husk, tamarind, and pomegranate waste, serve as a substitute for coal in boilers and furnaces. This not only minimizes reliance on conventional coal but also plays a crucial role in reducing biomass burning in farm fields, thereby abating local environmental pollution.

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EKI Energy Services announced the signing of a Memorandum of Understanding (MoU) with African holdings company, Jospong Group Of Companies, a distinguished conglomerate with operations in African and Asian countries. The partnership among the two organisations was initiated on the sidelines of the 28th edition of the Conference of Parties (COP 28) in Dubai and then ratified in Accra.

This strategic collaboration solidifies the commitment of both entities to pioneer efforts in advancing sustainability, net-zero services, climate investments, and carbon neutrality. The MoU also outlines joint initiatives in offsets portfolio management services and capacity building for carbon markets.

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EKI Energy Services has allotted 2381 equity shares under ESOP on 23 January 2024. Post allotment, the issued and paid-up equity share capital of the Company stands increased from Rs. 27,52,13,630 comprising of 2,75,21,363 equity shares of Rs. 10/- each fully paid-up to Rs. 27,52,37,440 comprising of 2,75,23,744 equity shares of Rs. 10/- each fully paid-up.

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Net loss of EKI Energy Services reported to Rs 22.57 crore in the quarter ended December 2023 as against net profit of Rs 31.82 crore during the previous quarter ended December 2022. Sales declined 88.99% to Rs 43.52 crore in the quarter ended December 2023 as against Rs 395.44 crore during the previous quarter ended December 2022.

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