ION Exchange share price jumps 8% after receiving ₹161 crore order from Adani Power

Stock market today: Shares of ION Exchange (India) Ltd witnessed strong buying during the early morning session on Thursday. ION Exchange share price opened with an upside gap at ₹670 apiece on the NSE and touched an intraday high of ₹709.15 per share. While climbing to this intraday high, ION Exchange shares registered an intraday rise of over 8 per cent.

According to stock market experts, the ION Exchange share price is skyrocketing today after the announcement of the receipt of a ₹161 crore order from Adani Power. The company has declared about the order receipt in its latest exchange filing on Wednesday.

Triggers for ION Exchange share price

On why the ION Exchange share price is skyrocketing today, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “ION Exchange share price is rising today after the company's latest exchange filing on Wednesday. In this exchange filing, ION Exchange (India) Ltd has declared that it received an order from Adani Power worth around ₹161 crore.”

Expecting more upside in ION Exchange shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Shareholders can hold the scrip maintaining stop loss at ₹660 for the near-term target of ₹750 and ₹770 apiece.”

ION Exchange (India) ltd news

In an exchange filing on Wednesday, ION Exchange (India) Ltd. said, “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. ₹161.19 Crores for Process & Utility required of 2 x 800 MW units for Raipur & Raigarh Ultra Super Power Projects. The projects are to be completed within 18 months from Project Award dates.”

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