Thermax jumps after JV firm wins export order

Thermax rose 4.20% to Rs 926 at 9:36 IST on BSE after the company said that its joint venture firm has won an export order worth approximately Rs 339 crore.

The announcement was made after trading hours on Tuesday, 23 September 2014.

Meanwhile, the BSE Sensex was up 49.96 points, or 0.19%, to 26,825.65.

On BSE, so far 13,000 shares were traded in the counter, compared with an average volume of 11,449 shares in the past one quarter.

The stock hit a high of Rs 950 and a low of Rs 922.70 so far during the day. The stock hit a record high of Rs 989.70 on 2 July 2014. The stock hit a 52-week low of Rs 578 on 1 October 2013.

The stock had underperformed the market over the past one month till 23 September 2014, falling 0.60% compared with 1.35% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 6.20% as against Sensex's 6.97% rise.

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

Thermax Babcock & Wilcox Energy Solutions (TBWES), a joint venture of Thermax and US-based Babcock & Wilcox Power Generation Group (B&W PGG) Inc. has won an export order valued at approximately Rs 339 crore.

The order is from B&W PGG for detailed engineering, manufacturing and supply of boiler pressure parts, critical piping, pulverisers, plate work for casing, ducts and hoppers for two pulverized coal-fired boilers for an international project.

The contract also includes the supply of ancillary items, including valves, dampers, expansion joints and instrumentation items.

Engineering and supply of material are scheduled to be completed within 21 months for the first unit and 24 months for the second unit, Thermax said in a statement.

Thermax's net profit fell 17.7% to Rs 41.40 crore on 2.7% decline in operating revenue to Rs 839.40 crore in Q1 June 2014 over Q1 June 2013.

On consolidated basis, Thermax had on order balance of Rs 6296 crore as on 30 June 2014, compared to Rs 6322 crore as on 30 June 2013.

Thermax, the energy and environment major, is one of the few companies in the world that offers integrated, innovative solutions in the areas of heating, cooling, power, water and waste management, chemicals and air pollution control. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water sources.

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