ION Exchange share price opened with an upside gap at Rs 670 apiece on the NSE and touched an intraday high of Rs 709.15 per share. While climbing to this intraday high, ION Exchange shares registered an intraday rise of over 8%
According to stock market experts, the ION Exchange share price is skyrocketing today after the announcement of the receipt of a Rs 161 crore order from Adani Power. The company has declared about the order receipt in its latest exchange filing on Wednesday.
About the order
Adani Power has awarded Ion Exchange contracts worth approximately Rs 161.19 crore for comprehensive water and environment management solutions for its 2 x 800 MW units at Raipur and Raigarh Ultra Super Power Projects, according to an exchange filing.
Ion Exchange will be responsible for the engineering, procurement, and construction (EPC) of water management systems for these projects, which are expected to be completed within 18 months from the project award date.
A leader in water management solutions, Ion Exchange provides services across the entire water cycle, including pre-treatment, process water treatment, wastewater management, and seawater desalination, with over 100,000 installations globally, catering to a wide range of industries and communities.
Technical outlook on ION Exchange
Commenting on the technical outlook of Ion Exchange Anshul Jain, Head of Research, Lakshmishree Investment & Securities said that the stock is displaying a promising technical setup on the weekly charts, hinting at a strong upward momentum.
After a robust rally from Rs 480 to Rs 760 within just 8 weeks, the stock is currently forming a bullish flag and pole pattern. This consolidation phase has now lasted for 8 weeks, with signs indicating that it may persist for another 3 weeks before a breakout above Rs 710.
Jain also added that A breakout above this key level is likely to ignite a fresh bullish run, potentially driving the stock to an immediate target of Rs 1010. With such a strong rally and clear technical indicators, investors are closely watching the price action for further confirmation. If the flag pattern holds, Ion Exchange could continue to be a top pick for market participants in the coming weeks.
Stock Performance in Last One Year
In terms of stock performance, ION Exchange shares have demonstrated positive returns across multiple time frames. Over the past three months, the stock has given a commendable 31.87% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 51.50%, indicating a strong upward trend.
Year-to-date, ION Exchange shares have surged by 29.13%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 28% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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