Shares of Ion Exchange are in news on Thursday after the water treatment & environment solutions company said it has been awarded contracts valued at approximately Rs 161.19 crore by Adani Power Ltd. The multibagger stock slipped 1.48% to Rs 647.10 on Wednesday compared to the previous close of Rs 656.80 on BSE.
Ion Exchange shares have gained 203% in two years and risen 798% in five years. Total 0.12 lakh shares changed hands amounting to a turnover of Rs 80.34 lakh on BSE. Market cap of the firm fell to Rs 5508 crore.
In terms of technicals, the relative strength index (RSI) of the Ion Exchange stock stands at 42.9, signaling it's trading neither in the overbought zone nor in the oversold zone. Ion Exchange stock shares have a beta of 0.8, indicating low volatility in a year.
Ion Exchange stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day, 200 day moving averages.
The contract involves providing comprehensive water and environment management solutions for two 800 MW units at Adani's Raipur and Raigarh ultra-superpower projects.
"...we wish to inform you that the company has been awarded contracts from Adani Power Limited for comprehensive & complete total water & environment management solution valued at approx. Rs 161.19 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.
The contract 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.
Ion Exchange (India) is engaged into waste water treatment & environment solutions and caters to various industries, institutions, homes & communities. Headquartered in Mumbai, the company has seven manufacturing & assembly facilities across India, and one each in Bangladesh, UAE, Bahrain and Indonesia. It also has presence across other key geographies.