Shares of Linde India Ltd hit their record high today (August 23) after the firm said Indian Oil Corporation Limited (IOCL) has awarded a letter of acceptance for an air separation unit. Linde India shares zoomed 6.96% to a record high of Rs 6164.65 on BSE. Market cap of Linde India rose to Rs 50,489 crore. The stock has gained 78% in a year and risen 191% in two years. During three years, it has delivered 676% returns to shareholders.
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The stock of the gas mixtures manufacturer hit a yearly low of Rs 2932.85 on November 2, 2022. A total of 0.33 lakh shares of the firm changed hands, amounting to a turnover of Rs 20 crore on BSE today. Later, the stock closed 2.73% higher at Rs 5920.20.
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In terms of technicals, the relative strength index (RSI) of Linde India stands at 82.6, signaling the stock is strongly overbought. The stock has a one-year beta of 0.7, indicating very low volatility during the period. Linde India shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The company has been asked to establish an air separation unit at IOCL’s Panipat refinery for the production and supply of instrument air, plant air and cryogenic nitrogen for the refinery’s expansion project, it said on August 22.
On the completion of the construction and the performance test, Linde India will enter into requisite agreements with IOCL for operating and maintaining the facility for 20 years from the delivery date.
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Linde India manufactures and distributes oxygen, hydrogen, nitrogen, argon and other speciality gas mixtures. It also manufactures welding electrodes, rods, fluxes, gas and electric welding equipment along with liquid oxygen explosives.