Ion Exchange shares gained over 5 per cent in Monday’s trade after the company bagged an order worth Rs 343.66 crore from Indian Oil Corporation (IOCL).
Shares of Ion Exchange, which has a market capitalization of Rs 4,205.96 crore, jumped 4.75 per cent to hit a fresh record high of Rs 2,924.85 on the BSE. The stock has gained 37 per cent year-to-date and has gained 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, supplying, manufacturing, testing, pre-commissioning, commissioning, performance guarantee test runs and operation and maintenance for five has been awarded. 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, which includes engineering projects worth Rs 1,458 crore, Sri Lanka orders worth Rs 256 crore and UP SWSM worth Rs 1,081 crore.
It had Rs 8,025 crore in bidding pipeline as of the end of the September quarter, the company said in an earnings presentation.
The contract value was Rs 343.36 crore 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 in waste water treatment and environmental solutions and caters to various industries, institutions, households and communities.
Headquartered in Mumbai, the company has seven manufacturing and assembly facilities across India, and one each in Bangladesh, United Arab Emirates, Bahrain and Indonesia. It also has a presence in 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 The Leela, Military Engineering Services, Taj Hotels, Holiday Inn, Hyatt Regency, Oberoi Hotels, Apollo Hospitals, Escorts Heart Institute, DLF, Puravankara. Meanwhile, Aion’s international customers include Aion’s Cargill, Technip France, Unilever Group, Jurong, Thyssenkrupp (Uhde), Jacobs, Kawasaki, Mitsubishi, PDO Oman, Emirates Steel, IKPP Indonesia.
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