Thermax rallies 7% on order win of JV for Rs 339 crore

NEW DELHI: Thermax Ltd rallied as much as 6.9 per cent in trade on Wednesday after Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES), a joint venture of Thermax Ltd. and US-based Babcock & Wilcox Power Generation Group (B&W PGG) Inc. has won an export order valued at approximately Rs. 339 crore.

At 09:30 a.m.; Thermax pared some of the morning gains but was still trading 4.8 per cent higher at Rs 932.05. It hit a low of Rs 929.20 and a high of Rs 950 in trade today.

The order is from B&W PGG 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, Thermax said in a filing with BSE.

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, said the filing.