Despite the weakness in the market, the company of Thermax, an engineering company, is getting stronger in the stock of more than 4% today.
Thermax has entered into a joint venture agreement with two companies to buy their stake. Both of these companies are from Mutares Holding-24 AG and Balcke-Duerr GmbH, Germany.
Thermax has bought the share of these two companies in Thermax SPX Energy Technologies. Thermax’s first 51% stake in Thermax SPX was first. But now it will become a 100% stakeholder of Thermax. However, the financial information related to the deal has not been given.
The same news has a great effect on the Thermax stock. At the BSE, Thermax’s stock rallied to Rs 971.25 from the previous close level of Rs 961.35, and rose to Rs 1,029.50 in the initial 15 minutes. It is running at Rs. 1,003.00 with an increase of Rs. 41.65 or 4.33% at around 11/11. The company’s market capitalization at this price is Rs 11,951.38 crore.
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