EKI Energy Services gains on receiving Letter of Authorization for Improved Cookstove Distribution project
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EKI Energy Services is currently trading at Rs. 330.45, up by 0.45 points or 0.14% from its previous closing of Rs. 330.00 on the BSE.
The scrip opened at Rs. 330.00 and has touched a high and low of Rs. 336.00 and Rs. 327.15 respectively. So far 32427 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 717.85 on 21-Sep-2023 and a 52 week low of Rs. 268.10 on 01-Apr-2024.
Last one week high and low of the scrip stood at Rs. 337.00 and Rs. 325.25 respectively. The current market cap of the company is Rs. 906.21 crore.
The promoters holding in the company stood at 73.42%, while Institutions and Non-Institutions held 0.14% and 26.44% respectively.
EKI Energy Services has received a Letter of Authorization (LoA) from the Ministry of Natural Resources and Climate Change (MNRCC) of Malawi for its Improved Cookstove Distribution project. This authorization paves the way for the issuance of Verified Emission Reductions (VERs) or Article 6.2 carbon credits generated from the project.
Article 6.2 of the Paris Agreement outlines the rules for cooperation between countries in implementing climate mitigation projects. It allows countries to transfer mitigation outcomes (like carbon credits) between themselves, as long as they avoid double-counting and ensure environmental integrity. This mechanism can help countries meet their emissions reduction targets more efficiently and cost-effectively.
The LoA grants EKI permission to issue up to 1.4 million tonnes of carbon dioxide equivalent (tCO2e) in carbon credits over the project's crediting period, which extends from January 12, 2023, to January 11, 2030. The carbon credits represent the project’s contribution to reducing greenhouse gas emissions through the distribution and usages of improved cookstoves by the community in Malawi. EKI has already distributed nearly 25,000 improved cookstoves in Malawi over the past 18 months and target to reach 50,000 households in total, hence directly improving the lives of nearly 250,000 individuals.
EKI Energy Services is a well-recognized brand in the realm of ‘climate change, carbon credit, and sustainability solutions’ across the globe.
