Ion Exchange stock soars 6% on bagging contracts worth Rs 161.2 crore from Adani Power

Ion Exchange stock has rallied 15 percent so far this year, slightly underperforming Nifty's returns of 16 percent.

Shares of Ion Exchange gained around 6 percent on September 19 after the water treatment and environment management company was awarded contracts valued at approximately Rs 161.19 crore by Adani Power Ltd.

The contracts involve providing comprehensive water and environment management solutions for two units at Adani Power's Raipur and Raigarh ultra-superpower projects.

"The company has been awarded contracts from Adani Power Limited for comprehensive & complete total water & environment management solution valued at approx. Rs161.19 crore for Process & Utility required of 2 x 800 MW units for Raipur & Raigarh Ultra Super Power Projects," Ion Exchange said in a stock exchange filing.

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The scope of the work includes engineering, procurement, and construction (EPC) of total water and environment management systems for process and utility requirements. These projects are expected to be completed within 18 months from the award date, the filing stated.

Earlier in April, Ion Exchange secured an international contract worth Rs 250.65 crore (excluding VAT and other taxes) for a project in North Africa. The company will handle the engineering, manufacturing, delivery, supervision, and commissioning of a desalinated water unit.

The project is expected to be completed within seven months from the approval of engineering, as disclosed to the stock exchanges on April 2.

At 9:32 am, Ion Exchange shares were trading 6 percent higher at Rs 686 on NSE. The stock has rallied 22 percent so far this year, outperforming Nifty's returns of 16 percent.

In the past 12 months, the counter has risen 33 percent. In comparison, Nifty rose 27 percent during this period.

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