Linde India hits record high on IOCL order

Linde India shares hit a record of Rs 6,165 apiece on August 23, a day after the industrial gas company announced that it had been awarded a letter of acceptance by Indian Oil Corporation Limited (IOCL) for an air separation unit.

It has been asked to set up an air separation unit at IOCL’s Panipat refinery for the production and supply of instrument air, plant air and cryogenic nitrogen for the refinery’s expansion project, the company told exchanges on August 22.

On the completion of the construction and the performance test, Linde India will enter into requisite agreements with IOCL for operating and maintaining the facility for 20 years from the delivery date.

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The company said it expects healthy growth from the healthcare sector and productivity improvement and expansion in the steel sector,aA CNBCTV-18 report said. These factors are likely to drive gas demand, hence improving opportunities for the company.

Linde India manufactures and distributes oxygen, hydrogen, nitrogen, argon and other speciality gas mixtures. It also manufactures welding electrodes, rods, fluxes, gas and electric welding equipment along with liquid oxygen explosives.

At 2.20 pm, Linde India was trading at Rs 5,996 on the National Stock Exchange, 4 percent higher from the previous close. Since its Covid-19 low of Rs 378 on March 24, 2020, the stock has surged 16 times. In the past five days, it has gained over 20 percent.

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