Thermax up on joint venture deal

Thermax has moved up 3% to Rs 677 after it inked a joint venture with United States-based Babcock & Wilcox (B&W PGG) to manufacture supercritical boilers for the Indian power sector. Thermax will own 51% stake in the joint venture while B&W PGG will control the rest.
 
The stock opened at Rs 665 and touched high of Rs 681 and has seen 31,000 shares change hands on the counter so far on the BSE.
 
“The supercritical boilers will be manufactured in a new facility that is being planned. The plant, with an annual capacity of 3000 MW equivalent in the first phase will indigenize the technology and contribute to local component development”, the company said in its press release to the stock exchange.