Shares of Linde India gained for the sixth day in a row, thereby making a new record high on Wednesday. The stock gained as much as 7 percent to hit a high of Rs 6,165. The stock is also gaining on heavy volumes.

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Over the last six trading sessions, the stock has gained a total of 23 percent, taking the total up to nearly 70 percent in 2023 so far. The stock has surged over 15 times from its Covid-19 low of Rs 378, seen on March 24, 2020.

On Tuesday, Linde India announced that it has been awarded a ‘Letter of Acceptance’ by Indian Oil Corp. Ltd (IOC) in connection with the job-work contract for setting up of Air Separation Unit (ASU) on a site licensed by the company within its Panipat Refinery Complex.

The unit will be used for production and supply of Instrument Air, Plant Air and Cryogenic Nitrogen to IOC’s Panipat Refinery Expansion Project.

Linde India said that, after completing the construction of the ASU, it would enter into requisite agreements with IOC for operating and maintaining the facility for a period of 20 years from the first delivery date.

The company also expects to fund the capital expenditure related to the project through internal accruals.

Linde India is involved in the manufacturing and distribution of oxygen, hydrogen, nitrogen, argon and other specialty gas mixtures. It also manufactures welding electrodes, rods, fluxes, gas and electric welding equipment along with liquid oxygen explosives.

Until 2013, the company was known as BOC India. But after BOC’s takeover by Linde Plc, the company was renamed as Linde India. However, it continues to classify BOC as a promoter with a 75 percent shareholding.

Shares of Linde India are currently trading 3.2 percent higher at Rs 5,950.