Stock market news: Ion Exchange soars 18% as the Q4 net profit jumps 150%

New Delhi: Shares of Iox Exchange soared as much as 18 per cent during the early trade on Wednesday after the company reported robust results in the March 2021 quarter.

Net profit of (India) 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.

Shares of Ion Exchange jumped 18 per cent to Rs 1,998 on Wednesday, but gave up some gains to trade at Rs 1,950.10 at 9.55 am. BSE Sensex was trading 153.21 points or 0.29 per cent higher at 52,428.78 at the same time. The counter settled at Rs 1696.85 on Tuesday.
Sales of the water treatment firm rose 26.79 per cent to Rs 445.15 crore in the quarter ended March 2021, compared to Rs 351.09 crore during the same quarter previous year.

Ion Exchange has delivered over 230 per cent return in the last one year from Rs 599 in June 2020 to Rs 1,998 on Wednesday. The counter has more than doubled the investors wealth in 2021 so far.

For the full year, net profit rose 53.77 per cent to Rs 143.94 crore in the year ended March 2021 as against Rs 93.61 crore during the previous year ended March 2020.