Mid Cap Chemical Co Receives LoA From Maharatna IOC, Shares Rise 654% In 3-Years

Mid cap company operating in chemical sector, Linde India Limited received letter of acceptance on August 22, 2023 to set up Air Separation Unit (ASU) on a site licensed by IOCL within its Panipat Refinery Complex. Linde India Limited shares soared the following day (August 23) to trade 52-week high. Linde India stock jumped 654% in last 3-years. The stock also witnessed spurt in volume by 4.51 times yesterday.

Current market price of Linde India share is Rs 5782.75 apiece with intraday fall of 2.79%. Meanwhile, current market price of Indian Oil Corporation share is Rs 92.47 apiece with intraday gain of 1.33% today. IOC shares soared 31% in last 1-year.Check details below:

Linde India Limited Gets LoA From IOC: According to the BSE filing of Linde India Limited issued on August 22, "We wish to inform you that Linde India Ltd. has been awarded a 'Letter of Acceptance' dated 22 August 2023 by Indian Oil Corporation Limited (IOCL) in connection with the job-work contract for setting-up of Air Separation Unit (ASU) on a site licensed by IOCL within its Panipat Refinery Complex for production and supply of Instrument Air, Plant Air and Cryogenic Nitrogen to IOCL Panipat Refinery Expansion Project (P25). On completion of the construction and the performance test of the aforesaid ASU, Linde India will enter into requisite Agreements with IOCL for operating and maintaining the facility for a period of 20 years from the first delivery date. Linde India expects to fund the capital expenditure by its own funds/internal accruals."

Linde India Stock Performance & Return: Current market price of Linde India share on BSE is Rs 5782.75 per share with intraday dip of 2.79%. Its 52-week high price is Rs 6164.65 apiece and 52-week low price is Rs 2932.85 apiece, respectively. It has a market capitalisation of Rs 49,317.73 crore. Linde India shares jumped 64% YTD, soared 73% in last 1-year, gained 153% in last 2-years, and rallied 654% in last 3-years. In last 5-years, Linde India stock witnessed an upward rally of 1307%.

Linde India Financials: The company for the quarter June 30, 2023 witnessed a jump of 13.40% in its consolidated total income to Rs 739.28 crore as against its last quarter total income of Rs 651.93 crore. Linde India declared its recent quarter net profit after tax at Rs 98.14 crore.

Indian Oil Corporation Limited (IndianOil) is the India's largest integrated and diversified energy company. IndianOil's presence across the entire hydrocarbon value chain allows it to create sustainable business outcomes. Today, IndianOil accounts for the largest market share of India's petroleum product consumption. As a 'Maharatna' company, it addresses the multiple energy needs of the nation with our integrated business model, leading from the front as a responsible energy major, according to its official website.

Meanwhile, Linde India Ltd was incorporated in January 24th 1935 with the name Indian Oxygen and Acetylene Company. The company was promoted by BOC Group UK as a private limited company.

Disclaimer: Linde India bagged LoA from IOC. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.