Thermax extends over 31% gains in five days, hits record high

Thermax soared 7.42% to Rs 1,754.40 on BSE, on extending gains for the fifth consecutive session.

Shares of Thermax surged 31.12% in five trading sessions from a recent closing low of Rs 1,338 hit on Tuesday, 9 November 2021.

On the technical front, the stock's RSI (relative strength index) stood at 81.343. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 1,404.74 and 200-day moving average (DMA) at 1,377.20.

Thermax's consolidated net profit surged 181.4% to Rs 87.92 crore in Q2 FY22 from Rs 31.24 crore in Q2 FY21. Net sales increased by 28.8% to Rs 1,469.32 crore in the second quarter of FY 2021-22 from Rs 1,141.20 crore in the corresponding quarter last year.

Thermax is an energy and environment solutions provider. Its business portfolio includes products for heating, cooling, water and waste management, and specialty chemicals. The company also designs, builds and commissions large boilers for steam and power generation, turnkey power plants, industrial and municipal wastewater treatment plants, waste heat recovery systems and air pollution control projects.

The scrip hit all time high at Rs 1,772 during intraday trade.

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