Ion Exchange (India) bags a contract worth Rs 343.36 crore from IOCL

Shares of Ion Exchange rallied after bagging a contract worth Rs 343.36 crore

At 11 am, shares of Ion Exchange (India) were trading at Rs 2880.55, up by 88.40 points or 3.17% from its previous closing of Rs. 2792.15 on the BSE. The shares of the company opened at Rs. 2856.10 and have touched a high and low of Rs. 2924.85 and Rs. 2856.10, respectively.

In its exchange filing on December 2, ION Exchange announced that “The Company has been awarded a contract by Indian Oil Corporation Limited (IOCL), 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 at a contract value of Rs 343.36 crores including GST. The project is to be commissioned within 16 months from the date of the Letter of Acceptance.

Ion Exchange (India) is involved in a wide range of water cycle solutions, from pre-treatment to process water treatment, wastewater treatment, recycling, zero liquid discharge, sewage treatment, packaged drinking water, seawater desalination, and so on. With more than 100,000 installations worldwide and a 56-year legacy, the company has established a long-standing presence in the industry. IEL India began as a flagship company for the Ion Exchange Group London, but the foreign holding has been gradually reduced and is now owned by Indian promoters since 1985.

The promoters holding in the company stood at 27.01%, while Institutions and Non-Institutions held 11.53% and 61.46%, respectively. The BSE group 'A' stock of face value Rs 10 has a 52-week high of Rs. 2,924.85 and a 52-week low of Rs 1500.70.

Last one week high and low of the scrip stood at Rs 2924.85 and Rs 2600.00, respectively. The current market cap of the company is Rs 4095.15 crore.