Multibagger recycling stock Vikas Ecotech has secured a fresh order worth Rs 20 crore for supplying coal to cement manufacturer Prism Johnson. This came amid a rally in equity benchmark indices on Friday Sensex and Nifty snapped their three-session losing streak to close nearly 1 per cent higher.
On a weekly basis, Sensex and Nifty fell more than half a per cent with the 30-share BSE benchmark declining 438.95 points or 0.66 per cent and the 50-share index tumbling 129.05 points or 0.65 per cent.
The Delhi-based specialty chemical manufacturer said that it has has been actively exploring opportunities in the energy segment including the conventional sources of energy being used in India as well as the renewable and freen energy segments.
The coal supplies within a fortnight and will be completed by end of October, it said in an exchange filing.
Vikas Ecotech ventured into the conventional energy market with supplying of coal which is being used as major source of energy in India in order to make space for setting a firm foot in the energy segment.
India’s continued industrialisation and urbanisation will make huge demands of its energy sector and its policy makers while the energy use on a per capita basis in India is well under half the global average.
Over 80 per cent of India’s energy needs are met by three conventional fuels: coal, oil and solid biomass. Coal has underpinned the expansion of electricity generation and industry for decades and remains the largest single fuel in the energy mix.
While Oil consumption and imports have grown rapidly on account of rising vehicle ownership and road transport use. Biomass, primarily fuelwood, makes up a declining share of the energy mix, but is still widely used as a cooking fuel.
Despite recent success in expanding coverage of LPG in rural areas, 660 million Indians have not fully switched to modern, clean cooking fuels or technologies. Natural gas and other modern renewable sources of energy have started to gain ground.