Shares of Ion Exchange roses nearly 10 per cent to hit an intraday high of Rs 709.30 after the company informed exchanges that it has received an order Adani Power. "The company has been awarded contracts from Adani Power Limited for comprehensive an complete Total Water & Environment Management Solution valued at approximately Rs 161.

Ion Exchange shares are in focus after the company secured contracts worth Rs 161.19 crore from Adani Power for water and environment management solutions at Raipur and Raigarh ultra-superpower projects.

ION Exchange shares rallied from Rs 480 to Rs 760 in just 8 weeks and are now forming a bullish flag and pole pattern. This consolidation phase has lasted 8 weeks and may continue for another 3 weeks before potentially breaking out above Rs 710.

The uptick in Ion Exchange share price came after the company announced that it has secured an order worth Rs 161.19 crore from Adani Power.

Ion Exchange received a contract worth ₹251 Crore for a project in North Africa from material construction in the UAE.

Ion Exchange share price surged up to 3 per cent to record an intraday high of Rs 685.20 per share on the BSE on Monday

The contracts involve providing comprehensive water and environment management solutions for two 800 MW units at Adani's Raipur and Raigarh ultra-superpower projects. Shares of Ion Exchange (India) Ltd ended at ₹646.