June 9, 2021 11:38 PM
Share of Ion Exchange hit the upper circuit of 20% today after the water treatment firm reported a 149.64 per cent rise in Q4 net profit. This Jhunjhunwala stock rose 20%, Ace investor Rakesh Jhunjhunwala who held over 5% stake in six quarters till December 2020 did not rank among Ion Exchange’s top shareholders (holding over 1% stake) for the quarter ended March 2021.
In early March this year, Jhunjhunwala pared his stake in the water and environment management firm. Jhunjhunwala sold a little over 1.5 lakh shares at Rs 1,205.19, valuing the deal at Rs 18.17 crore. His firm Rare Investments offloaded additional 3.87 lakh shares at Rs 1,205.42 apiece, taking the total deal value to Rs 46.73 crore.
Jhunjhunwala bought the Ion Exchange stock for first time in December 2007 quarter. He held 2.53% stake or 3,19,000 shares of the firm in the end of December quarter that year. The stock opened 8.77% higher at Rs 1,845.65 on BSE today. Ion Exchange stock zoomed to its all-time high of Rs 2,036.2, rising 20% against its previous close of Rs 1,696.85.
Ion Exchange share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 190% in one year and risen 124% since the beginning of this year. For the quarter ended March 2021, the firm reported a net profit of Rs 70.15 crore against Rs 28.10 crore during the quarter ended March 2020.
The stock saw only buyers and no sellers in trade today, Total 3.94 lakh shares changed hands amounting to turnover of Rs 77.19 crore on BSE. This Jhunjhunwala stock rose 20%, The stock hit intra day low of Rs 1,830 on BSE. On August 11, 2020, the share hit its 52-week low of Rs 599 on BSE.
Net profit of Ion Exchange rose 149.64 per cent to Rs 70.15 crore in the quarter ended March 2021 as against Rs 28.10 crore during the previous quarter ended March 2020. Sales rose 26.79 per cent to Rs 445.15 crore in the quarter ended March 2021 compared to Rs 351.09 crore during the corresponding quarter of previous fiscal.