Share price of this small-cap stock moved up by nearly 4.27% on NSE to Rs. 467.9 in the trading session of March 12th, compared to its previous close of Rs. 448.7, after the company was awarded a contract of Rs. 120 crore.
With a market capitalisation of Rs. 6,746.6 crores, the shares of Ion Exchange (India) Limited closed in the green at Rs. 460 on BSE, up by 2.4 percent.
In the last one year, the company has delivered positive returns of about 42.2 percent. However, it has given nearly 15.5 percent of negative returns in the last six months as well as around 18.5 percent, so far in 2024.
According to the recent filings with the stock exchanges, Ion Exchange (India) Limited has been awarded a contract from Ma’aden, Saudi Arabia. Ma’aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world.
The contract is for the setting up of a Water Treatment Plant including a Demineralization plant at a contract value of Rs. 120 crores approx. The project is to be completed within 1 year from the date of the Letter of Acceptance.
In terms of financials, the revenue from operations of the company grew by nearly 3.93 percent QoQ from Rs. 533 crore in Q2 FY23-24 to Rs. 554 crore in Q3 FY23-24.
The net profit of the company decreased by around 11.9 percent QoQ, from Rs. 42 crore in Q2 FY23-24 to Rs. 47 crore in Q3 FY23-24.
Ion Exchange (India) Limited is engaged in the business of water, wastewater treatment & environment solutions and serves various industries, institutions, homes & communities.
The company provides water and non-water treatment solutions serving diverse segments including infrastructure, industry, institutions, municipalities, homes and communities, urban and rural.
Ion Exchange was formed in 1964 as a subsidiary of the Permutit Company of UK, but became a wholly Indian company in 1985 after Permutit divested their holding.
Written by Shivani Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
