Ion Exchange rallies after Franklin Templeton MF buys stake

Ion Exchange (India) gained 2.09% to Rs 2,078.70 after Franklin Templeton Mutual Fund bought 0.81% stake via bulk deals on 9 June 2021.

As per the bulk deal data on the BSE, Franklin Templeton Mutual Fund bought 1,20,000 equity shares (or 0.81% stake) of Ion Exchange at an average price of Rs 1,984.49 each on Wednesday, 9 June 2021.

The counter was locked in an upper circuit of 20% at Rs 2,036.20 in previous trading session after the company announced robust Q4 results. The company's consolidated net profit jumped 144.2% to Rs 70.48 crore on 26.8% rise in net sales to Rs 445.15 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 127.9% to Rs 89.80 crore in Q4 FY21 as against Rs 39.41 crore in Q4 FY20.

Meanwhile, the board has recommended a final dividend of Rs 10 per equity share for the FY 2020-21.

The stock hit an all-time high of Rs 2,194 in intraday today. In last one month, Ion Exchange has soared 44.46% as compared to a 5% rise in Nifty 50 index.

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. The firm's segments are engineering, chemicals and consumer products.

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