Ion Exchange jumps 5% to hit fresh record on Rs 344 crore order win

Shares of Ion Exchange climbed 5 per cent in Monday's trade after the company bagged a Rs 343.66 crore order from Indian Oil Corporation (IOCL).

Shares of Ion Exchange, which has a market capitalisation of Rs 4,205.96 crore, jumped 4.75 per cent to hit a fresh records high of Rs 2,924.85 on BSE. The scrip has gained 37 per cent year-to-date and is up a solid 553 per cent in the last five years.

In a filing to BSE, the company said it has been awarded a contract by IndianOil (IOC), for designing, engineering, manufacturing, supply, erection, testing, pre-commissioning, commissioning, performance guarantee test run and operation & maintenance for five years of Zero Liquid Discharge plant at Panipat Refinery.

The company had a total order book of Rs 2,795 crore as of September 30, including engineering projects of Rs 1,458 crore, Sri Lanka orders of Rs 256 crore and UP SWSM of Rs 1,081 crore. 

It had a bid pipeline of Rs 8,025 crore as of September quarter-end, the company had said in an earnings presentation.

The contract value stood at Rs 343.36 crores including GST. "The project is to be commissioned within 16 months from the date of Letter of Acceptance," the company said.

Ion Exchange (India) is engaged into waste water treatment & environment solutions and caters to various industries, institutions, homes & communities.

Headquartered in Mumbai, the company has seven manufacturing & assembly facilities across India, and one each in Bangladesh, UAE, Bahrain and Indonesia. It also has presence across other key geographies.

Its industrial clients include – NTPC, NPC, Reliance, IOCL, JSW, CPCL, L&T, Arcelormittal Nippon Steel, Nayara Energy, IRCTC , BHEL, Tata Group. Institutional clients include Leela, Military Engineering Services, Taj Hotels, Holiday Inn, Hyatt Regency, Oberoi Hotels, Apollo Hospitals, Escorts Heart Institute, DLF, Puravankar. Meanwhile, Ion's international clients include Ion's Cargill, Technip France, Unilever Group, Jurong, Thyssenkrupp (Uhde), Jacobs, Kawasaki, Mitsubishi, PDO Oman, Emirates Steel, IKPP Indonesia.

Also Read: Share Market News Live: Sensex, Nifty slip into red; Reliance, HDFC twins, Paytm most active stocks