Shares of EKI Energy Services bumped up sharply on Wednesday morning after announcing a partnership with Indian Oil Corporation Limited (IOCL).
What Happened: The partnership is to promote the sustainable indoor solar cooking system “Surya Nutan”. The system, designed and patented by IOCL’s R&D division, aims to enhance clean cooking practices across households in India and other developing economies.
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As part of the agreement, IOCL will share the “Surya Nutan” technology with EKI to enhance its production and distribution. Strategies such as carbon finance, corporate social responsibility and others will be used to boost the initiative. EKI will oversee the entire process, from manufacturing and marketing to installation and after-sales service.
Manish Dabkara, MD & Chairman, EKI Energy Services Ltd, emphasised that this collaboration is a testament to their dedication towards encouraging community-level decarbonization solutions. He also mentioned that ‘Surya Nutan’ has the potential to transform indoor cooking, aligning with their vision for a greener and more sustainable future.
Shares of the micro-cap company were trailing in the red on Wednesday but jumped up sharply after the announcement came out at around 11:00 am. The stock jumped up over 4% to hit an intraday high of ₹428.
Price Action: Shares of EKI Energy were up 2.70% to trade at ₹420.95 on Wednesday morning.
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