Ion Exchange soars after Rs 1000 cr order win

Ion Exchange (India) jumped 8.43% to Rs 2207.80 after the company bagged an order worth Rs 1000 crore from State Water Supply and Sanitation Mission, Namami Gange and Rural Water Supply Department under Jal Jeevan Mission in Uttar Pradesh.

The letter of award (LoA) is for two EPC projects, for survey, design, preparation of detailed project report (DPR), supply, construction and commissioning of water treatment plant and operation & maintenance (O&M) for 10 years for rural drinking water supply to 1000 villages in two districts of Uttar Pradesh i.e. Varanasi and Aligarh.

The specific value of the said contract will be determined after approval of DPR. The project is to be constructed and commissioned within 21 months from the date of signing of the contract.

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.

Shares of Ion Exchange (India) hit an upper circuit of 20% at Rs 2,036.20 in the 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 2,395 in intraday trade today. In last one month, Ion Exchange has soared 62.50% compared with a 5.65% rise in the BSE Sensex.

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