Linde India shares up 2% on SAIL order for setting up oxygen plant

The plant of 1,000 tonnes per day capacity will be installed on construct, operate and maintain (COM) basis.

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Shares of Linde India gained 2 percent in the early trade on August 25 after the company received a ‘Letter of Acceptance’ from Steel Authority of India (SAIL) for the installation of a cryogenic oxygen plant.

At 9:36am, Linde India was quoting at Rs 6,029.70, up Rs 113.30, or 1.92 percent, on the BSE.

The plant of 1,000 tonnes per day capacity will be installed on a construct, operate and maintain (COM) basis for 20 years from the date of commissioning of the plant and ancillary facilities with the provision of renewal for a further five years on a mutual agreement basis at the SAIL plant in Rourkela, the company said in a release to the exchanges.

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On August 22, the company received a letter of acceptance from Indian Oil Corporation Limited (IOCL) as a job-work contract for setting up an Air Separation Unit (ASU) on a site licensed by IOCL within its Panipat Refinery Complex for the 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 ASU, Linde India will enter into the requisite agreements with IOCL for operating and maintaining the facility for a period of 20 years from the first delivery date.

The company had reported 41.9 percent fall in its June quarter net profit at Rs 99.88 crore.

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.