Usha Martin Ltd has been issued 44,317 carbon credits for its Clean Development Mechanism projects by UN Framework Convention on Climate Change, data from the regulator showed today.
The project will help the company earn substantial additional revenue by selling carbon credits. Usha Martin’s carbon credits are worth Rs 4.4 million, based on December carbon credit futures price of ¤14.50 on European Climate Exchange.
Shares of Usha Martin spurted on the news. At 1025 IST, the share was trading at Rs 53.55 on the National Stock Exchange, up 14.55 per cent from Wednesday’s close.
The company’s project aims at Waste Heat Recovery Based Captive Power generation at Jamshedpur in Jharkhand.
The project is expected to reduce 54,340 trillion of carbon dioxide equivalent emissions annually for a fixed period of 10 years that ends November 30, 2014.
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