Ganesha Ecosphere advanced 3.96% to Rs 1,203.60 after the company said that its board has granted approval for making a strategic investment of Rs 16 crore in the equity share capital of RACE Eco Chain (RACE).
RACE Eco Chain is a company listed on the BSE and on the National Stock Exchange of India. It is currently trading 3% higher at Rs 365.20 on the BSE.
RACE Eco Chain is engaged in the business of plastic waste management. The companys revenue for FY24 was Rs 338.50 crore and it had a net worth of Rs 22.23 crore as on 31 March 2024.
Offering the rationale for the said investment, Ganesha Ecosphere said that this investment is a part of the company's strategic investment to strengthen its raw material supply chain of PET waste.
Ganesha Ecosphere is a leading PET waste recycling company in India and is engaged in the manufacturing of recycled polyester staple fibre (RPSF), spun yarn and dyed texturised yarn.
The companys consolidated net profit declined 39.70% to Rs 12.73 crore despite a 4.50% rise in revenue to Rs 284.83 crore in Q3 FY24 as compared with Q3 FY23.
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