Shares of Ion Exchange surged by 6 per cent on September 19, 2024, following the announcement of a significant contract win from Adani Power Ltd. The water treatment and environment management company has been awarded contracts worth approximately Rs 161.19 crore. The deal involves providing water and environment management solutions for Adani Power’s Raipur and Raigarh ultra-superpower projects.
Ion exchange secures major contracts with Adani Power
The contract encompasses the engineering, procurement, and construction (EPC) of total water and environment management systems for two 800 MW units at the Raipur and Raigarh power projects. As per Ion Exchange's stock exchange filing, the project scope includes comprehensive management solutions for process and utility requirements. These projects are expected to be completed within 18 months from the date of the award.
This latest deal follows the international project that Ion Exchange secured in April 2024. The company landed a Rs 250.65 crore contract in North Africa, where it is tasked with the engineering, delivery, and commissioning of a desalinated water unit. That project is slated for completion within seven months.
Stock performance and market outlook
Following the announcement of the Adani Power deal, Ion Exchange’s stock rose by 6 per cent to Rs 686 at 9:32 am on the National Stock Exchange (NSE). The stock has rallied 22 per cent so far in 2024, significantly outperforming Nifty’s 16 per cent return during the same period. Over the past year, Ion Exchange’s share price has climbed by 33 per cent, compared to Nifty’s 27 per cent gain, showcasing the company’s strong market momentum.
For those looking to invest in stocks, Ion Exchange’s performance reflects the growing demand for sustainable water management solutions in key infrastructure projects. With its consistent contract wins and increasing market share, the stock continues to attract investor interest.
Why ion exchange is worth considering
The company’s ability to secure high-value contracts, both domestically and internationally, reinforces its position as a leader in the water treatment and environment management sector. Investors seeking to invest in stocks related to essential services and sustainable solutions may find Ion Exchange an attractive option, especially as it continues to expand its project portfolio and outperform broader market trends.
For android only