Thermax shares trim most of early gains; settle 1.50% higher

Shares of Thermax on Wednesday trimmed most of its early gains and settled 1.50 per cent higher.

In early trade, it had jumped nearly 7 per cent after the company bagged an order of Rs 545.6 crore for two flue-gas desulphurisation (FGD) systems.

The stock, which gained 6.55 per cent to Rs 1,923.55 during the day on BSE, finally settled at Rs 1,830.05, a jump of 1.38 per cent.

On NSE, it closed at Rs 1,832, a gain of 1.50 per cent after jumping 6.38 per cent to Rs 1,920 during the day.

Thermax Ltd has concluded an order of Rs 545.6 crore from an Indian power public sector company to set up FGD systems for its two units of 500 megawatts (MW) capacity each in Uttar Pradesh, according to a BSE filing.

The FGD systems will be installed at their plant to cut SOx emissions and comply with the air quality standards set for the power plants, it added.

"In the current financial year, this is our second FGD order," it stated.

Thermax Managing Director and CEO Ashish Bhandari said the company's proven technological capabilities in the area of air pollution and gaseous abatement, especially FGD, where it is already executing a few large orders, led to this competitive win.