Thermax share rose over 8% today after the energy solutions firm reported a three-fold jump in consolidated net profit to Rs 107.35 crore for the March quarter, mainly on the back of higher revenues. Share of Thermax has gained after 2 days of consecutive fall. The mid cap stock opened with a gain of 2.69% at Rs 1,446 on BSE.
The stock touched an intraday high of Rs 1,526.95 gaining 8.44% against previous close of Rs 1,408.10 on BSE. Thermax share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 107% in one year and risen 61.6% since the beginning of this year. Market cap of the firm rose to Rs 17,425 crore on BSE. The firm had reported net profit of Rs 39.03 crore in the quarter ended March 31, 2020.
In last fiscal, consolidated net profit came in at Rs 206.58 crore against Rs 212.45 crore in the previous financial year. Total income fell to Rs 4,898.99 crore compared to Rs 5,831.31 crore in 2019-20.
The company's board recommended a dividend of Rs 7 per equity share of Rs 2 each for 2020-21, subject to approval of shareholders at the ensuing 40th Annual General Meeting.
Thermax is a leading energy and environment solutions provider which offers integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia.
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