ION Exchange.

ION Exchange (Rs.129) – BUY
The capability to provide Total Water Management will be one of the major growth areas for the company as more and more customers would be looking for outsourcing complete water management and would like to concentrate on their core processes. Other key drivers will be international business, which is expected to grow at 25% per annum. Focus on providing excellent quality of service to the customers and achieve customer satisfaction, with the help of a well established and elaborate service infra-structure, the company is in a position to excel in the fragmented market area it operates in.

Valuation
The company presently trades at a P/BV of 1.4x and PE of 28x its TTM earnings.