Upper circuit alert: This multibagger waste management company receives Rs 6 crores for a E-waste management project; hits 52-week high!

Shares of the company gained more than 60 per cent in the last six months.

The Technology Development Board (TDB), Department of Science & Technology (DST), Government of India, New Delhi has approved Rs 6 crore for Eco Recycling for its innovation ‘Recycling on Wheels SmartER’ Project. This initiative represents a milestone in providing safe and secure E-waste solutions.

The innovation has received a commendation from the Office of The Principal Scientific Advisor (PSA), and now, with the approval of financial support from the Technology Development Board, the company is set to implement this transformative model in the e-waste management sector, which is currently dominated by informal workers (Kabadies). Owning to the positive new the stock was locked in the upper circuit from the last two trading sessions.

Eco Recycling is one the India's leading E-waste Management Companies, offering a seamless and integrated solution for handling E-waste, including asset removal, reverse logistics, data destruction, asset recovery, e-waste recycling, lamp recycling, Recycling on Wheels, and more.

Also read, Which is better: Mutual Fund or Portfolio Management Services; find out here

Shares of Eco Recycling Limited have also delivered multibagger returns to its shareholders in the last three years. During this period, the company’s share price jumped from Rs 46.25 on September 11, 2020, to Rs 206.60 on September 11, 2023, an increase of about 340 per cent in the three-year holding period.

In the last 6 months, the shares of the company have given more than 60 per cent returns, and on a YTD basis, the stock has given about 38 per cent returns.

The company has a ROCE of 7.72 per cent and an ROE of 8.57 per cent with a market capitalisation of Rs 399 crore.

The stock has shown impressive growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.