Shares of this carbon credit supplier have hit 10% upper circuit today!
This rally came on the back of an important announcement made by the central government.
The shares of EKI Energy Services Ltd are buzzing on the bourses today. In the pre-opening session today, the shares of the company hit the upper circuit of 10%. Post this, the trading activity came to a halt. Owing to the rally in the share price, the company is one of the top gainers on BSE from Group A.
Meanwhile, as of 12.30 pm, the frontline index S&P BSE Sensex is down by 0.05%.
Reason for the rally
This rally came on the back of an important development. As per the latest announcement, the central government has finalized a list of activities that is taken into account for selling carbon credits on the global market, in compliance with Article 6.2 of the Paris Agreement. Owing to this, the shares of EKI Energy, which is a leading carbon credit developer & supplier, are rallying on the bourses.
Share price movement of EKI Energy Services Ltd
Today, the scrip opened at Rs 757, which was also the day’s high. So far 1,21,651 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 2,964 and Rs 511.95 respectively on BSE.
EKI Energy Services Ltd is a global service provider in India in the sphere of energy, carbon credit & quality management. The company offers carbon sustainability advisory services to a wide range of projects such as bio-methanation, renewable power, waste management, energy efficiency and water purification. It also provides advisory services for the validation, registration, monitoring, verification and issuance and supply of eligible carbon credits.
To give a brief background, a carbon credit is a certificate, which permits its holder the right to emit, over a certain period, carbon dioxide or other greenhouse gases. One carbon credit is equal to one ton of carbon dioxide.
The company’s international clients include the World Bank and International Monetary Fund (IMF). On the domestic front, the company provides its services to companies such as NTPC, NHPC, Hindustan Petroleum and GAIL.
A note of caution
Recently, the company came under fire after the release of its Q3FY23 results. Beat The Street, which is managed by Chartered Accountant with forensic accounting capabilities, raised some serious concerns over the EKI's accounting policies. As per their statement, “An auditor's report by Walker Chandiok of Grant Thornton revealed a significant discrepancy in the company's revenue recognition, leading to a qualified report. The report showed that the company's revenue had decreased by 14%, while its profit before tax (PBT) and profit after tax (PAT) had fallen by 32% and 32% per cent, respectively, compared to the reported figures for a period of 9 months.”
Share Market Today
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