Here’s why Thermax share price surged over 6% on September 16; details
Source: Business Standard
Thermax shares surge: Shares of Thermax rose up to 6.06 per cent to hit an intraday high of Rs 5,014 per share on Monday, September 16, 2024.
The uptick in Thermax share price came after the company announced that its wholly-owned subsidiary has received a repeat order worth Rs 516 crore for setting up another 300 MW energy project from an industrial conglomerate in Botswana, Southern Africa.
In an exchange filling, Thermax said, “We are pleased to inform you that Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of the company, has concluded an order of Rs 516 crore for supply of Two 550 TPH Circulating Fluidised Bed Combustion (CFBC) boiler.”
TBWES will supply two 550 TPH CFBC (circulating fluidised bed combustion) boilers and will undertake complete responsibility for designing, engineering, manufacturing, testing, supply, supervision of erection & commissioning, and performance testing.
“This order is part of the second phase of a 600 MW project being developed by the major, positioning Thermax as the sole partner for the entire project,” Thermax said.
The project will supply power to the national utility grid, addressing the power needs of the region, and strengthening energy security. The project is expected to be completed in 25.5 months, it added.
TBWES offers equipment and solutions for generating steam for process and power through the combustion of various solid, liquid and gaseous fuels, as well as through heat recovery from turbine/engine exhaust and (waste) heat recovery from industrial processes.
The company also offers heaters for various applications in the chemical, petrochemical and refinery segments. Its services arm offers renovation and modernisation solutions for old boilers and heaters.
“Winning the second order for the same project is a testament to the trust the customer has placed in our capabilities. With this project in Botswana, we look forward to contributing to the broader energy landscape in Southern Africa, enhancing its power infrastructure, and setting new benchmarks with best-in-class solutions for efficiency and environmental performance,” said Ashish Bhandari, MD and CEO of Thermax.
The market capitalisation of Thermax is Rs 58,971.64 crore, according to Bombay Stock Exchange (BSE).
At 11:01 AM, shares of Thermax were trading 4.69 per cent higher at Rs 4,949.10 per share. In comparison, BSE Sensex was trading 0.19 per cent higher at 83,051.55 levels.
First Published: Sep 16 2024 | 11:12 AM IST
