Ion Exchange (India) rose 1.14% to Rs. 2535 after the Indian Oil Corporation (IOC) awarded an engineering, procurement, construction and commissioning (EPCC) contract to the company worth Rs. 357.465 crore.
The scope of the work involves design and installation of effluent treatment plant on turn key basis for the para xylene (PX) and purified terephthalic acid (PTA) complex project of IOC, which is located at Paradip, Orissa. PTA is a major raw material used to manufacture polyester fibers, PET bottles and polyester film used in packaging applications.
The project is to be constructed and commissioned within 26 months from the date of letter of acceptance (LoA).
Ion Exchange (India) is engaged in water and environment management business. The company offers products, including ion exchange resins, water treatment plants and chemical additives. The firm's segments are engineering, chemicals and consumer products.
The company's consolidated net profit jumped 144.2% to Rs. 70.48 crore on 26.8% rise in net sales to Rs 445.15 crore in Q4 March 2021 over Q4 March 2020.
On a year-to-date (YTD) basis, the stock has zoomed 177.48% while the benchmark Sensex has gained 13.69% during the same period.
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