Ion Exchange has received a contract of about Rs 161.19 crore from Adani Power Limited. After the news of receiving the contract from Adani Power, the shares of Ion Exchange rocketed. Investors rushed to buy it. By 10 am, it jumped more than 9 percent to Rs 705.95. Today it opened at Rs 670. The contract includes providing comprehensive water and environment management solutions for two units in Adani Power’s Raipur and Raigarh ultra-superpower projects. Let us tell you that on Wednesday, the shares of Ion Exchange closed at Rs 647.65 on NSE, falling 1.4 percent.
“The company has been awarded contracts from Adani Power Limited for 2 x 800 MW units for Raipur and Raigarh Ultra Super Power Projects for an amount of about Rs 161.19 crore,” Ion Power said in a stock exchange filing.
According to Moneycontrol, the contract includes engineering, procurement and construction (EPC) of water and environmental management systems for process and utility requirements. The filing said these projects are expected to be completed within 18 months.
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Earlier in April, Ion Exchange had secured an international contract worth Rs 250.65 crore (excluding VAT and other taxes) for a project in North Africa. The company will undertake engineering, manufacturing, delivery, supervision and commissioning of the desalinated water unit. According to information provided to the stock exchanges on April 2, the project is expected to be completed within seven months of receiving engineering approval.
Share price history
The stock has gained 15 per cent so far this year, slightly lower than the Nifty’s return of 16 per cent. The stock has gained 25 per cent in the last 12 months. In comparison, the Nifty has gained 27 per cent during this period.
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