ION Exchange bags order worth over ₹250 crore from UAE firm, shares close nearly 2% higher

ION Exchange Ltd shares closed nearly 2% higher on Tuesday, April 1, after the company announced receiving a contract worth over ₹250 crore in the United Arab Emirates (UAE).

The leading player in the water management industry in a stock exchange filing said that it has secured a contract worth ₹250.65 crore from Material Construction, UAE, for a project in North Africa.

Ion Exchange Ltd informed the stock exchanges that the project will be completed within 7 months, from the date of approval of Engineering. The contract pertains to engineering, manufacturing, delivery to site, supervision of erection and commissioning of a desalination water unit.

"The company has been awarded a Contract from Material Construction, UAE, for engineering, manufacturing, delivery to site, supervision of erection, commissioning and start-up of a Desalinated water unit for a project in North Africa," the exchange filing mentioned.

After a gap up opening at ₹521.7 apiece, shares of Ion Exchange gained as much as 3.83% to an intraday high of ₹538 apiece on the NSE amid the positive investor sentiment on new order win. However, the stock pared some of its gains to settle at ₹527.95 apiece, up 1.88%, at Tuesday’s close.

ION Exchange is a leading player in the water and environment management solutions industry. The company offers services like raw water treatment, desalination, water treatment plant, urban and rural drinking water treatment, air treatment, waste to energy, Industrial wastewater treatment, and more.

The company caters to industries, institutions, municipalities, communities and residential properties both in India and abroad.