Ion Exchange (India) soared 14.22% to Rs 656.90 after Nippon India Mutual Fund, a leading asset manager in India, increased its stake in the company.
According to a disclosure filing, Nippon India acquired an additional 0.2881% stake in Ion Exchange through open market purchases between 12 June 2023 and 26 June 2024. This brings their total holding in the company to 5.1709%.Mumbai-based Ion Exchange (India) is engaged in providing water treatment solutions. It offers a wide range of solutions across the water cycle from pre-treatment to process water treatment, wastewater treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc. The company exports to Africa, Japan, Middle East, Russia, Southeast Asia, Europe, UK, USA, Canada and neighbouring countries.
On a consolidated basis, net profit of Ion Exchange (India) declined 11% to Rs 72.79 crore on 21% increase in net sales to Rs 781.81 crore in Q4 March 2024 over Q4 March 2023.
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