Thermax builds up

Thermax is currently the top gainer of the day, up over 3% at Rs.917, with an intra day high at Rs.950, with volumes jumping up over 3 times.

The stock has zoomed up after a long span of listless trading on receiving news that its JV unit with US basd Babcock & Wilcox Energy (B&WE) has won an export order to the tune ofRs.339 crore.  This order was from its JV partner B&WE for detailed engineering, manufacturing and supply of selective items such as 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 supply of ancillary items including valves, dampers, expansion joints and instrumentation items.

The company has stated that detailed engineering and supply of material are scheduled to be completed within 21 months for the first unit and 24 months for the second unit