Thermax gets powered after winning contract

Thermax gained 2.16% to Rs 918 at 9:45 IST on BSE after the company said that the Thermax Group has won a $43 million contract from a leading cement company in the UAE for a turnkey captive power plant.

The announcement was made after market hours yesterday, 13 September 2017.

Meanwhile, the S&P BSE Sensex was up 117.98 points, or 0.37% to 32,304.39.

On the BSE, 2,293 shares were traded in the counter so far, compared with average daily volumes of 16,314 shares in the past one quarter. The stock had hit a high of Rs 930 and a low of Rs 917.95 so far during the day. The stock had hit a 52-week high of Rs 1,070.85 on 25 April 2017. The stock had hit a 52-week low of Rs 737.50 on 2 January 2017.

The large-cap company has an equity capital of Rs 23.83 crore. Face value per share is Rs 2.

Thermax said that the scope of supply includes design, engineering, manufacturing, construction and commissioning of the solid fuel based power plant with 2 circulating fluidised bed combustion (CFBC) boilers. Thermax also would be supplying emission control equipment and water treatment plant for the project, to be commissioned within 18 months.

Thermax's consolidated net profit fell 18.3% to Rs 40 crore on 11% decline in net sales to Rs 871.81 crore in Q1 June 2017 over Q1 June 2016.

Thermax Group provides integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemical.

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