Upper Circuit Alert: Heavy buying in this small-cap stock as the company signs MoU with Indian Oil Corporation Ltd; know more here!

The shares of the company have an ROE of 65.71 per cent and an ROCE of 33.4 per cent.

EKI Energy Services Ltd., a leading global carbon credit developer and supplier, and Indian Oil Corporation Ltd. (IOCL), India's largest oil company, have signed a Memorandum of Understanding (MOU) to promote "Surya Nutan," IOCL's innovative indoor solar cooking system. This collaboration marks a significant step towards advancing sustainable energy solutions for communities.

IOCL, committed to the nation's green goals and achieving net zero by 2046, has been diversifying its portfolio towards alternative energy sources. The development of "Surya Nutan," a stationary, rechargeable, and kitchen-connected solar cooking solution based on patented technology, is a testament to this commitment.

Under the MOU, IOCL will share the "Surya Nutan" technology with EKI to enhance production and distribution, leveraging carbon finance and contributing to social and environmental betterment. EKI will oversee the entire operation, including manufacturing, marketing, installation, and after-sales services, utilizing carbon finance, corporate social responsibility initiatives, and other similar means. This collaboration promises to make accessible and eco-friendly cooking solutions readily available in the market, promoting a cleaner energy future.

On Thursday, one of the Top Gainers on BSE, shares of EKI Energy Services Ltd hit 10 per cent upper circuit to Rs 470.50 per share from its previous closing of Rs 427.75 with a spurt in volume by more than 2.65 times on BSE. The stock’s 52-week high is Rs 1,509 and its 52-week low is Rs 355.25.

EKI Energy Services Ltd has a market cap of Rs 1,282 crore. The company is engaged in the business of climate change & sustainability advisory and carbon offsetting, along with business excellence services.

The company reported mixed numbers in its Quarterly Results, reporting net sales of Rs 79 crore and a net loss of Rs 43 crore in Q2FY24. In its annual results (FY23), the company reported net sales of Rs 1,286 crore and net profit of Rs 120 crore.

The shares of the company have an ROE of 65.71 per cent and an ROCE of 33.4 per cent. Investors should keep an eye on this Small-Cap stock.