On SAIL's order to build an oxygen plant, Linde India shares increased by 1.53%

28 Aug 2023 , 01:45 PM

After receiving a ‘Letter of Acceptance’ from Steel Authority of India (SAIL) for the installation of a cryogenic oxygen plant, Linde India’s shares rose 2% in early trade on August 25.

At 12:29 p.m., Linde India was trading on the BSE at Rs 6,006.70, an increase of Rs 90.30 or 1.52%.

The company stated in a release to the exchanges that the 1,000 tpd plant will be installed at the SAIL plant in Rourkela 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.

On August 22, the company received from Indian Oil Corporation Limited (IOCL) a letter of acceptance for a job-work contract for the installation of an Air Separation Unit (ASU) on a site authorized 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).

Linde India will enter into the necessary agreements with IOCL for running and maintaining the facility for a period of 20 years from the first delivery date after the building and performance test of the ASU are finished.

The business reported a net profit decline of 41.9%, to Rs 99.88 crore, for the June quarter.

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.

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