Thermax gains 5% on winning export contract worth $43 million

The stock was up 5% to Rs 943 trade after the Thermax Group has won a contract worth USD 43 million (Rs 276 crore approximately) from a leading cement company in the UAE

Thermax was up 5% to Rs 943 on BSE in intra-day trade after the company said that the Thermax Group has won a contract worth $43 million (Rs 276 crore approximately) from a leading cement company in the UAE for a turnkey captive power plant.

“This is the first engineering, procurement and constructions (EPC) order that Thermax will be executing for a GCC (Gulf Co-operation Council) country. We intend to expand our footprint in this region where we have been providing business solutions,” said MS Unnikrishnan, Thermax MD and CEO.

The scope of supply includes design, engineering, manufacturing, construction and commissioning of the solid fuel-based power plant with two CFBC boilers.

Thermax also would be supplying emission control equipment and water treatment plant for the project, to be commissioned within 18 months, the company said in a BSE filing.

At 11:36 AM, the stock was up 4.4% at Rs 938 on BSE against 0.1% rise in the S&P BSE Sensex. A combined 130,923 shares changed hands on the counter on BSE and NSE so far.