Company Visit Note: Ion Exchange Ltd - NOT RATED - Kotak

- We recently met the management of ion Exchange (IEL). IEL has a strong position in the water treatment market in India having set up projects for prestigious clients in India and abroad. The company has recently won a large order from Sri Lanka which has boosted its order book.

- In view of the strong order book, the profit outlook for the company has improved. Given the rising focus on environment degradation, the water treatment business has a promising future. IEL has a established position in this industry in India. In terms of valuation, the stock is trading at 16.5x FY17 earnings as compared to 45x for Thermax and 36x for VA Tech Wabag.

Shares of ION EXCHANGE (INDIA) LTD. was last trading in BSE at Rs.546.85 as compared to the previous close of Rs. 520.85. The total number of shares traded during the day was 9136 in over 214 trades.

The stock hit an intraday high of Rs. 546.85 and intraday low of 525. The net turnover during the day was Rs. 4932512.

Source : Equity Bulls

Keywords