Thermax rose 3.83% to Rs 998.20 at 13:59 IST on BSE after the company said it will buy out stake in a joint venture company.
The announcement was made after market hours yesterday, 25 February 2019.Meanwhile, the S&P BSE Sensex was down 149.17 points, or 0.41% to 36,064.21.
On the BSE, 5,917 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks. The stock had hit a high of Rs 1029.50 and a low of Rs 971.25 so far during the day. The stock hit a 52-week high of Rs 1,247 on 1 March 2018. The stock hit a 52-week low of Rs 878.05 on 11 October 2018.
Thermax said it has entered into definitive agreement with Mutares Holding-24 AG, Germany and Balcke-Duerr GmbH, Germany, joint venture (JV) partners of Thermax SPX Energy Technologies (TSPX) to acquire their shareholding in the TSPX, a JV and subsidiary company in India. Post transfer of shares TSPX will become the wholly-owned subsidiary of the company.
On a consolidated basis, net profit of Thermax rose 28.10% to Rs 75.04 crore on 28.62% rise in net sales to Rs 1436.60 crore in Q3 December 2018 over Q3 December 2017.
Thermax offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.
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