Ion Exchange zooms 33% in 2 days on Rs 1,000 cr orders win; MF stake buy

Illustration: Ajay Mohanty
Shares of Ion Exchange (India) rallied 10 per cent in intra-day trade to hit a new high of Rs 2,248.60 on the BSE on Thursday, after the company said it received orders worth Rs 1,000 crore. In past two trading days, the stock has rallied 33 per cent after Franklin Templeton Mutual Fund acquired nearly one per cent stake in the company via open market.

“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 an exchange filing.

The value of these two projects is expected to be approximately Rs 1,000 crore, specific value 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, the company said.

ALSO READ: VA Tech Wabag, Ion Exchange likely to see their fortunes change

On Wednesday, June 9, 2021, Franklin Templeton Mutual Fund purchased 120,000 shares, representing 0.82 per cent stake of Ion Exchange, at Rs 1,984.49 on the BSE via bulk deals, exchange data shows. The name of seller, however, was not ascertained immediately.

Ion Exchange (India) a leader in Indian water treatment Industry offers total water management solutions. It is one of the very few companies in the world with a range of technologies products and services that cover the entire spectrum of water and waste-water treatment.

At 02:06 pm; the stock was up 9 per cent at Rs 2,214 on the BSE, as compared to 0.56 per cent rise in the S&P BSE Sensex. The trading volume more than doubled with 376,000 shares changing hands during the day, as  against an average of less than 160,000 shares that were traded daily in the past two weeks. The stock listed only on the BSE.



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel