Vikas Ecotech, a leading recycling stock, has recently secured a lucrative order valued at Rs 20 crore. The order is for the supply of coal to Prism Johnson, a renowned cement manufacturer. This development comes amidst a rally in the equity benchmark indices, with both the Sensex and Nifty closing nearly 1 percent higher and breaking their three-session losing streak.
Although the weekly performance of the Sensex and Nifty was negative, with both indices falling by more than half a percent, Vikas Ecotech remains optimistic about its future in the energy segment. The Delhi-based specialty chemical manufacturer has been actively exploring opportunities not only in India’s conventional energy sources but also in the renewable and green energy sectors.
The coal supplies are expected to be completed within a fortnight and will be delivered by the end of October, as per the company’s exchange filing. This venture into the conventional energy market marks Vikas Ecotech’s strategic move to establish a strong foothold in the energy segment, given the increasing demand for energy in India due to rapid industrialization and urbanization.
Although India’s per capita energy consumption is relatively low compared to the global average, over 80 percent of the country’s energy needs are met by three conventional fuels: coal, oil, and solid biomass. Coal, in particular, has played a vital role in the expansion of electricity generation and industry in India and continues to be the largest single fuel in the energy mix.
With the rise in vehicle ownership and road transport use, the consumption and imports of oil in India have witnessed significant growth. While the share of biomass in the energy mix is declining, it remains a widely used cooking fuel. However, there is still a large portion of the population, approximately 660 million Indians, who have not fully transitioned to modern and clean cooking fuels or technologies.
Despite these challenges, there is a growing focus on natural gas and other modern renewable sources of energy in India. This shift towards cleaner and more sustainable energy options reflects the country’s commitment to reducing its carbon footprint and promoting environmental sustainability.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
