Linde India hits record high after receiving LoA from IOCL for setting up air separation unit

Linde India share price: The LoA is 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

Representative image. Source: Pixabay

Linde India share price: Shares of Linde India hit a record high of Rs 6,164.65 apiece on the BSE on Wednesday, a day after the company informed bourses that it had been awarded a ‘Letter of Acceptance’ by Indian Oil Corporation Limited (IOCL). The LoA is in connection with the job-work contract for setting up the 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 the IOCL Panipat Refinery Expansion Project (P25).

On completion of the construction and the performance test of the aforesaid 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. Linde India expects to fund the capital expenditure with its own funds and internal accruals, the press release added.

The stock eventually ended at Rs 5,920.20, up 2.73 per cent.

TRENDING NOW

Linde India is one of the leading global industrial gas and engineering companies. The company claims that in 2022, its sales stood at $33 billion. It provides high-quality solutions, technologies, and services to its clients and customers and helps sustain, decarbonise, and protect planet Earth, as per the company's website.

Linde India's share price

Shares of Linde India were listed on bourses on June 16, 1999. In the past 12 months (between August 23, 2022, and August 23, 2023), the stock has rallied nearly 86 per cent, Trendlyne data show.

TAGS: