The shares of the small-cap stock gained 5 % to ₹534.95 per share on Thursday after the company received a work order worth ₹152.46 crore in North Africa.
On Thursday, Ion Exchange Ltd shares closed at ₹ 523 per share, up 2.59 percent from the previous close price on the exchange. The company has a market value of ₹7,677 crores.
Ion Exchange has awarded a Contract from Material Construction Trading FZCO, UAE for Engineering, Manufacturing, Delivery to site, supervision of erection, commissioning, and start-up of a Desalinated water unit for a Project in North Africa at a contract value of ₹152.46 crores.
The project is to be completed within 8 months from the date of the Letter of Acceptance. The company reported in its exchange filing.
Ion Exchange is a pioneer in water, wastewater treatment & environment solutions and caters to various industries, institutions, homes & communities.
The company has seven manufacturing & assembly facilities across India, and one each in Bangladesh, UAE, and Indonesia.
Ion Exchange (India) Ltd Revenue has increased modestly year on year, by 8% from ₹512 crore in Q2FY23 to ₹554 crore in Q2FY24. Within the stated time range, the net profit has marginally declined from ₹48 crore to ₹47 crore.
Ion Exchange (India) Ltd shares have gained 5% in the last six months and 86% in a year.
The company’s marquee clients include NTPC, NPC, Reliance, IOCL, JSW, CPCL, L&T, Nippon Steel, Nayara Energy, IRCTC, BHEL, and Tata Group.
As of the December quarter of 2023-24, The Marquee Investor Mukul Mahavir Agrawal holds 15,00,000 equity shares, representing a 1.02% stake in the company.
The company has a global presence apart from presence in major cities in India with 36+ sales & service centers and 100+ Channel Partners. as well as exports to Africa, Japan, the Middle East, Russia, Southeast Asia, Europe, the UK, the USA, Canada, and neighboring countries.
In FY23, The company received 60% revenue from the Engineering segment, followed by 30% from the Chemicals segment and 10% from consumer products.
Written by Omkar Chitnis
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