EKI Energy hits 5% UC

EKI Energy, which had closed yesterday at Rs.5265.40, opened itself at its 5% UC of the day at Rs.5528.65 where it now remains frozen.

The company announced yesterday that with a view to expand its presence in the global carbon market and grab the business opportunity in overseas countries, it has incorporated an offshore wholly owned subsidiary company named as “Enking International FZCO”.

This is in Dubai free zone (IFAZA).

And in another news from the company, it said that it has floated a JV with oil major Royal Dutch Shell that will invest $1.6 billion over a five-year period to provide "nature-based solutions. The JV will target production of 115 million carbon credits.

EKI Energy will hold 51% in the joint venture, while Shell will own the remaining 49%.