Taylormade Renewables Limited (TRL) has entered into a significant collaboration with Indian Oil Corporation Limited (IOCL), focusing on projects aimed at enhancing energy efficiency and pursuing Net Zero Carbon Emissions. This partnership marks a strategic move for TRL as shares hit an upper circuit of Rs 670.55 on the National Stock Exchange today.
The alliance's inaugural project, initiated by IOCL's R&D Center, involves TRL engineering a customized Solar Thermal Energy System (STES) featuring dual-axis tracking parabolic dishes. This advanced system is designed to augment process heat by preheating boiler feed water at the Asaoti Lube Oil Blending Plant, thereby reducing reliance on fossil fuels.
TRL's STES is tailored to meet IOCL's stringent energy efficiency improvement criteria. With a Rs 1.59 Crore deal secured, the scalable pilot project comprises five parabolic dishes that are expected to elevate boiler feed water temperatures significantly. The success of this pilot could pave the way for broader application across IOCL refineries and potentially extend to other Public Sector Undertakings (PSUs), supporting India's collective ambition to achieve Net Zero Carbon Emissions.
The collaboration between TRL and IOCL is a testament to the growing emphasis on sustainable energy solutions within the industrial sector. As TRL takes on the task of designing and manufacturing systems according to IOCL's detailed requirements, this partnership may serve as a model for future endeavors in the renewable energy landscape.
InvestingPro Insights
In light of the recent collaboration between Taylormade Renewables Limited (TRL) and Indian Oil Corporation Limited (IOCL), it's beneficial to consider some key metrics and tips from InvestingPro. IOCL is a prominent player in the Oil, Gas & Consumable Fuels industry, and has maintained dividend payments for 23 consecutive years, indicating a stable investment (InvestingPro Tips 5 & 8). The company also yields a high return on invested capital, demonstrating its efficient use of funds (InvestingPro Tip 0).
Looking at the real-time data from InvestingPro, as of Q2 2024, IOCL has a favorable P/E Ratio of 12.38 and a Price / Book ratio of 1.71, suggesting that the company's shares are reasonably priced. The company also boasts a considerable revenue of 91859.44M USD and a Gross Profit Margin of 15.39%, highlighting its profitability (InvestingPro Data).
It's worth noting that InvestingPro, currently offering a Black Friday sale with up to 55% discount on subscriptions, provides numerous additional tips and metrics for companies like IOCL. This added insight could be invaluable for investors seeking to make informed decisions in the renewable energy landscape.
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