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Business News/ Markets / Stock Markets/  Stock market today: Waste management stock hits all-time high on second day in a row
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Stock market today: Waste management stock hits all-time high on second day in a row

Stock market today: Waste management stock touched new high despite choppy trends on Dalal Street during Tuesday deals

Stock market today: This waste management stock has been in uptrend for near one months. Premium
Stock market today: This waste management stock has been in uptrend for near one months.

Stock market today: Despite choppy sentiments at Indian stock market, Race Eco Chain shares have been hitting all-time high for the last two sessions. After hitting life-time high on BSE during Friday deals, the waste management stock today opened upside and touched new high of 337 apiece on BSEwithin few minutes of stock market's opening bell.

Stock at all time high

After breaking out of the consolidation phase in the end of October 2023, this waste management stock bottomed out at around 240 apiece levels. After that, the stock has been in continuous uptrend. Race Eco Chain share price today ascended to a new peak of 337 apiece levels on BSE, logging around 40 per cent rise in this near one month time. 

Also Read: Adani Power to Adani Enterprises: Adani shares jump after SC hearing

However, in YTD time, this waste management stock has delivered around 30 per cent return to its shareholders.

Race Eco Chain financials

The waste mangement company declared its Q2FY24 and H-1FY24 numbers on 6th November 2023. In its quarterly and half yearly numbers, the company declared promising numbers. For the half year ended 30 September 2023, the Revenue from Operations grew over 106 per cent from 91.95 crore in H1-FY23 to 189.63 crore Lakhs in H1-FY24. 

EBITDA increased to the tune of 395 per cent from 64.83 Lakhs in H1-FY23 to 3.20 crore in H1-FY24. EBITDA margins improved from 0.71 per cent in H1-FY23 to 1.69 per cent in H1-FY24 by 99 bps. Company's profit after tax (PAT) increased by around 155 per cent from 47.32 Lakhs in H1-FY23 to 1.21 crore in H1-FY24.

Also Read: Hindustan Petroleum share price gains more than 5%, scales 52 week high

Dedicated to curbing the carbon footprint caused by plastic waste, Race Eco Chain uses Air Intelligence (AI) and blockchain technology establishing networks to enable traceability. The waste management company has built an Artificial Intelligence enabled app, using blockchain for secure transactions to connect buyers and sellers. Recycled pet fabric processed at our GRS (Global Recycle Standards) certified spinning and weaving mills come with the Traceable circle of trust, for the first time ever. The company s involved in the aggregation of plastic waste and production of recycled products investing in an idea whose time has come. Promoting a niche line of products made from recycled plastic of the highest quality, promoting sustainability and providing e2e traceability.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 28 Nov 2023, 02:22 PM IST
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