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Shares of the Mumbai-based water treatment and environment solutions provider – Ion Exchnage – rose as much as 18 per cent to hit record high of Rs 2,395 on the BSE after the company informed exchanges that it has received two orders for supply of drinking water in Uttar Pradesh. The projects are expected to be valued at Rs 1,000 crore.
“The Company has received Letter of Award and Contract from State Water Supply and Sanitation Mission, Namami Gange and Rural Water Supply Department under Jal Jeevan Mission for two EPC projects, for survey, design, preparation of Detailed Project Report (DPR), supply, construction and commissioning of water treatment plant and O&M for 10 years for rural drinking water supply to 1000 villages in two districts of Uttar Pradesh i.e. Varanasi and Aligarh,” Ion Exchange said in a stock exchange filing.
In a separate development, Ion Exchange reported net profit of Rs 62.8 crore and operating income came in at Rs 433 crore, Inon Exchange said in an investor presentation.
“The company witnessed steady sequential improvement in the financial performance. Besides dampening the economic recovery, the resurgence of second wave of Covid-19 at the end of the quarter has posed challenges for execution including disruptions in logistics for material movement. There has been an improved opportunity flow from the international markets,” Ion Exchange added.
Ion Exchange (India) Ltd (Ion Exchange), formed in 1964, is a pioneer in water, waste water treatment & environment solutions and caters to various industries, institutions, homes & communities.
As of 3:15 pm, Ion Exchange shares traded 7.31 per cent at Rs 2,185, outperforming the Sensex which was down 0.68 per cent.
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