Ion Exchange hits the roof after new order win

Ion Exchange (India) was locked in 5% upper circuit at Rs 410.35 at 09:23 IST on BSE after the company secured a contract worth Rs 438.84 crore from a division of Vedanta.

The announcement was made after market hours yesterday, 16 August 2018.

Meanwhile, the S&P BSE Sensex was up 201.33 points, or 0.53% at 37,864.89

On the BSE, 1,567 shares were traded on the counter so far as against the average daily volumes of 5,819 shares in the past two weeks. The stock had hit a high of Rs 410.35 and a low of Rs 410.30 so far during the day. The stock had hit a record high of Rs 634 on 22 December 2017 and a 52-week low of Rs 371.40 on 23 July 2018.

The small-cap company has equity capital of Rs 14.67 crore. Face value per share is Rs 10.

Ion Exchange (India) secured and signed a contract for engineering, procurement, supply and construction of water treatment plant worth Rs 438.84 crore (inclusive of GST) from Cairn Oil & Gas, a division of Vedanta.

Ion Exchange (India) reported 49.52% rise in net profit to Rs 10.90 crore on 1.2% fall in net sales to Rs 205.55 crore in Q1 June 2018 over Q1 June 2017.

Ion Exchange (India) is engaged in water and environment management business. The company offers products, including ion exchange resins, water treatment plants and chemical additives.

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