Ion Exchange hits upper circuit on Cairn job order

Ion Exchange (India) hit upper circuit of 5 per cent early Friday as the company signed up a contract worth of Rs 439 crore from Cairn Oil & Gas.

The company informed bourses that it has signed a contract for engineering, procurement, supply and construction of water treatment plant worth Rs 438.84 crore from Cairn Oil & Gas, a division of Vedanta.

The scrip was up 4.99 per cent at Rs 410.35 at around 9.25 am. The BSE Sensex was up 189 points, or 0.50 per cent, at 37,873.45.


For the quarter to June, the company on July 31 reported 49.52 per cent year-on-year rise in net profit at Rs 10.90 crore against Rs 7.29 crore in the year ago.

Total income increased to Rs 221.55 crore in Q1 FY19, from Rs 213.73 crore in Q1 FY18.

Ion Exchange (India) is into water and environment management business. The company offers products, including ion exchange resins, water treatment plants and chemical additives. It operates in segments such as engineering, chemicals and consumer products.