Thermax gains 7% on entering agreement to acquire stake in JV company

Shares of Thermax gained 7 percent intraday Tuesday after company entered into definitive agreement to acquire stakes in joint venture (JV) company.

The company has entered into definitive agreement with Mutares Holding-24 AG, Germany and Balcke-Duerr GmbH, Germany, 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.

The share touched its 52-week high Rs 1,247 and 52-week low Rs 878.05 on 01 March, 2018 and 11 October, 2018, respectively.

Currently, it is trading 19.9 percent below its 52-week high and 13.76 percent above its 52-week low.

At 11:58 hrs Thermax was quoting at Rs 998.90, up Rs 37.55, or 3.91 percent on the BSE.

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