Vikas Ecotech Limited announced its entry into the energy business segment with bagging the first order for supplying 4000 Metric Tonnes of Coal. This order is valued at about INR 57 million and the supplies have been lined up, expected to be completed within 30 days.
Vikas Ecotech Limited, in constant pursuit of expanding the product profile to newer and promising business segments, has been eyeing the energy business segment which has been the underpin for a fast and balanced growth for the Indian as well as the Global Economies. With recent crisis situation in the energy segment rooting from the Russia-Ukraine war whereas the daily global news including India have a pertinent component i.e., the global shortage of energy feedstocks including the coal, has prompted the Business Development wing to tap into the energy business, which the team managed almost instantly.
The company blitzed its way into the business with identifying and establishing a strong and reliable supply chain with the material originating from South Eastern Coalfields Limited, a Government of India undertaking and the largest coal producing company of India with 60+ operational coal mines comprising of Central India Coalfields, Korba Coalfields and Man Raigarh Coalfields, spread across Chhatisgarh & Madhya Pradesh along with coal carbonisation facilities in West Bengal.
The company has also been exploring opportunities in the renewable energy businesses like the Gas Distribution business, The Solar Power and the Hydrogen Cell power gensets for commercial applications.
Shares of Vikas EcoTech Limited was last trading in BSE at Rs. 3.49 as compared to the previous close of Rs. 3.40. The total number of shares traded during the day was 4257422 in over 1722 trades.
The stock hit an intraday high of Rs. 3.57 and intraday low of 3.24. The net turnover during the day was Rs. 14640152.00.