THERMAX

** JP Morgan initiates coverage of CG Power CGPO.NS, Cummins India CUMM.NS and Thermax THMX.NS with "overweight" rating

** Price target for CGPO at 840 rupees, CUMM at 4,649 rupees, and THMX at 3,869 rupees

** Shares of CGPO up 3.2%, THMX rise 2%, and CUMM up 0.6%

** Brokerage sees CGPO, CUMM and THMX posting over mid-teen growth in earnings per share

** Thermax to see margin expansion as older, lower margin projects run out - JP Morgan

** Brokerage also initiates coverage on ABB India ABB.NS and Praj Industries PRAJ.NS with "neutral" and Siemens SIEM.NS and Bharat Heavy Electricals BHEL.NS with "underweight"

(Reporting by Vijay Malkar)

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Aug 12 (Reuters) - Thermax Limited THMX.NS:

• THERMAX LIMITED - ENTERS TECHNOLOGY LICENSING AGREEMENT WITH HYDROGENPRO

• THERMAX LIMITED - AGREEMENT TO FACILIATE CO TO OBTAIN LICENSE FOR GAS SEPARATOR TECHNOLOGY

Source text: ID:nBSE9LfZ3B

Further company coverage: THMX.NS

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Adds charts, gives more details in paragraph 4 and paragraph 6 onwards

By Vivek Kumar M

Aug 8 (Reuters) - MSCI will add four Indian stocks, including retailer Vishal Mega Mart VSSL.NS and online delivery platform Swiggy SWIG.NS, to its flagship MSCI Global Standard index .MIEF00000PUS, setting them up for potential total inflows of $1 billion.

Hitachi Energy India HITN.NS and Waaree Energies WAAN.NS will be the other two additions to the index, while Sona BLW SONB.NS and Thermax THMX.NS will be dropped, the index provider said in a statement dated August 7.

The changes will take place as of the close of August 26, MSCI said.

Swiggy is expected to get inflows worth up to $289 million, while Vishal Mega Mart can get $258 million in passive fund flows as a result of the addition, IIFL Alternate Desk said. They added that Hitachi Energy is likely to draw $230 million of inflows, and Waaree Energies $233 million.

All the six shares were trading lower on the day in a weak market. Meanwhile, information technology company Coforge COFO.NS was down 4%, among top 3 midcap .NIFMDCP100 losers, as it failed to make it to the MSCI Global Standard index.

MSCI's indexes are used by investors globally, with about $16.9 trillion of assets under management benchmarked to their equity indexes.

The index provider will reduce Swiggy rival Eternal's ETEA.NS weight in the flagship index, leading to outflows of up to $607 million, as per IIFL Alternate Desk.

Eternal's weight was expected to be lowered amid its proposal to convert to Indian owned and controlled company (IOCC), capping foreign ownership to 49.5%.

Apart from Eternal, three other Indian stocks - Asian Paints ASPN.NS, Jindal Steel JNSP.NS and Havells India HVEL.NS will see weight cuts, while CG Power and Industrial Solutions' CGPO.NS weight will be increased.

The index provider also announced the addition of 15 Indian stocks and removal of six from its Global Smallcap index.

(Reporting by Vivek Kumar M; Editing by Ronojoy Mazumdar)

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** India's Thermax THMX.NS falls 5% to 3,591 rupees, set for biggest daily pct drop in three months

** Stock down for second straight session post Q1 results

** PL Capital, which had upgraded the stock to "accumulate" in February, downgrades to "hold" on persistent execution challenges

** Engineering firm on Thursday posted lower revenue for Q1, while profit rises y/y

** Execution delays caused by site-level challenges and early monsoon weighed on Q1 earnings, says Phillip Capital

** Analysts on avg recommend "hold" on THMX; median PT at 3,590 rupees, as per LSEG data

** YTD, THMX down ~11%

(Reporting by Vivek Kumar M)

(([email protected];))

July 31 (Reuters) - Indian engineering firm Thermax THMX.NS reported a better-than-expected profit for the June quarter on Thursday, boosted by robust order growth and lower raw material and component costs.

Consolidated net profit rose 32% year-on-year to 1.52 billion rupees ($17.4 million) for the quarter ended June 30, beating analysts' expectation of 1.34 billion rupees, according to data compiled by LSEG.

Total revenue declined 1.6% to 21.5 billion rupees, partly due to delayed customer approvals and execution challenges.

However, expenses fell 4.9% to 20.04 billion rupees, helped by a 11.4% decline in the cost of raw materials consumed, which boosted profitability.

The company, which provides boilers, chillers and water treatment and pollution control infrastructure, also benefited from a stronger order book, with bookings rising 7% to 27.48 billion rupees.

Sector bellwether and larger rival Larsen & Toubro LART.NS on Tuesday posted a 30% rise in consolidated profit after tax.

India's industrial engineering and clean energy sector is benefitting from rising government capex, an infrastructure push, and demand for green technology.

Firms such as Thermax, L&T, and BHEL BHEL.NS are riding this momentum, although input cost volatility, supply snags, and global execution risks remain key hurdles, analysts said.

Thermax shares closed 2.7% higher on Thursday ahead of the results, although the stock is down 2.5% year-to-date.

($1 = 87.5930 Indian rupees)

(Reporting by Vijay Malkar and Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)

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** Shares of Thermax THMX.NS jump 8% to 3,937 rupees, their highest since March 27

** Kotak Institutional Equities raises price target for the capital goods firm to 3,800 rupees from 3,500 rupees, citing scope for margin improvement, maintains "add"

** Brokerage, which is top-rated among analysts covering THMX, estimates EBITDA margins will expand by 250 bps between FY25 and FY28, 20 bps higher than earlier, as loss-making segments turn profitable

** Adds, revenue will grow at a compounded annual growth rate of 13% in the same period, compared to 12.5% it estimated earlier

** Kotak says "75% of revenues comprise businesses with strong growth potential"

** THMX currently trades above Kotak's new PT

** 20 analysts rate stock "hold" on avg; median PT 3,520 rupees - data compiled by LSEG

(Reporting by Nandan Mandayam in Bengaluru)

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April 3 (Reuters) - Thermax Limited THMX.NS:

• THERMAX LIMITED - ENTERS AGREEMENT TO SELL STAKE IN COVACSIS TECHNOLOGIES

• THERMAX LIMITED - CONSIDERATION RECEIVED FROM SALE IS 100 MILLION RUPEES

Source text: ID:nBSE4qbLSw

Further company coverage: THMX.NS

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Feb 4 (Reuters) - India's Thermax THMX.NS reported third-quarter profit below market expectations on Tuesday, hurt by a weak order book and higher expenses.

The industrial machine maker's consolidated net profit fell 51% to 1.16 billion rupees ($13.33 million) in the quarter, from 2.38 billion rupees a year ago, which included a one-off gain of 1.26 billion rupees from the sale of a plot of land.

Analysts had expected a profit of 1.83 billion rupees, as per data compiled by LSEG.

Capital goods companies, which rely heavily on government entities for a bulk of their orders, have faced an election-related slowdown in orders in the last few quarters.

With elections at both the federal and state levels during the financial year, ordering activity remained subdued.

Thermax's order booking dropped 8% year-on-year to 22.96 billion rupees, as no large orders were booked in the quarter.

Its total expenses surged 8% to 23.83 billion rupees, led by a 4% rise in the cost of raw materials.

Revenue from its industrial products segment rose 5.6%, while that from its division which sets up bio-CNG and power plants, rose 3%.

Both together contribute over 88% to the total revenue, which grew 7.9% to 25.08 billion rupees in the quarter, below analysts' expectation of 26.95 billion rupees.

Peer ABB India ABB.NS will post results later this month.

Thermax's shares closed 3% lower after the results.

($1 = 87.0530 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sumana Nandy)

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Dec 20 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - GETS TAX ORDER WITH FINANCIAL IMPACT OF 164.3 MILLION RUPEES

Source text: ID:nNSE3PQg4Y

Further company coverage: THMX.NS

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** Shares of Thermax THMX.NS rises 2.5% to 5,020 rupees, their biggest one-day pct gain since Oct. 25

** Industrial machine maker posts bigger-than-expected Q2 profit, helped by steady demand for its industrial products

** Analysts' avg rating on stock is "hold," same as that on peer ABB India ABB.NS

** Their median PT on THMX is 4,600 rupees - LSEG

** Stock extends YTD gains to 62%, compared to a 42% surge in ABB

(Reporting by Aleef Jahan in Bengaluru)

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Nov 13 (Reuters) - Thermax Limited THMX.NS:

• Q2 CONSOL NET PROFIT 1.97 BILLION RUPEES; IBES PROFIT EST. 1.76 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 26.12 BILLION RUPEES; IBES EST. 25.87 BILLION RUPEES

• APPROVED SUPPORT BY WAY OF LOAN/EQUITY OF 3.5 BILLION RUPEES TO FIRST ENERGY

Source text: [ID:]

Further company coverage: THMX.NS

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Nov 4 (Reuters) - Engineering services firm ABB India ABB.NS reported a 21% surge in third-quarter profit on Monday, driven by higher demand for its electrification products.

Profit at the Indian arm of Switzerland's ABB ABBN.S rose to 4.4 billion rupees ($52.33 million) in the three months ended Sept. 30 from 3.63 billion rupees a year earlier.

Capital goods companies benefited from increased orders and easing raw material costs during the quarter, analysts said.

"The quarter was marked by record levels of backlog complemented by a strong book to bill and cash," ABB India said in an exchange filing.

The company's total orders for the third quarter rose 11% from a year earlier to 33.42 billion rupees.

Revenue from its electrification segment, which makes solar inverters and wiring accessories, rose 10% compared with a year earlier. The segment contributes about 40% to the total revenue.

The company's second-biggest segment, motion, which makes electrical motors and generators, also logged a revenue growth of 10%.

ABB India's total revenue from operations rose 5% from a year earlier to 29.12 billion rupees.

Rival Thermax is due to post results next week.

Earlier this month, parent ABB posted a slightly better-than-expected quarterly operational core profit.

Shares of ABB India closed 0.94% lower ahead of the results.

($1 = 84.0810 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sumana Nandy and Krishna Chandra Eluri)

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** Shares of Thermax THMX.NS rise as much as 5.3% to 5,719 rupees, highest since July 9

** The engineering co on Friday said it has signed an agreement to acquire 100% stake in Buildtech Products India - engaged in business of construction chemicals - for about 720 mln rupees ($8.6 mln)

** "Acquisition would provide co entry into niche infrastructure projects including tunnelling, hydro power projects, etc," - Thermax

** Avg rating of 19 analysts equivalent of "Hold", median PT is 4,595 rupees - LSEG data

** Stock last up 2.5%, bumping YTD gains to ~81%

($1 = 84.0690 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Oct 25 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - ACQUISITION OF BUILDTECH PRODUCTS INDIA PRIVATE

• THERMAX LIMITED - TO ACQUIRE 100% STAKE IN BUILDTECH PRODUCTS FOR APPROX. 720 MILLION RUPEES

Source text for Eikon: ID:nBSE6Hymbk

Further company coverage: THMX.NS

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Oct 1 (Reuters) - Thermax Limited THMX.NS:

• UNIT THERMAX ENGINEERING SINGAPORE MAKES FURTHER INVESTMENT IN UNIT THERMAX (THAILAND)

• INVESTMENT OF 259 MILLION RUPEES

Source text for Eikon: ID:nNSEZf7kk

Further company coverage: THMX.NS

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** Shares of Thermax THMX.NS rise 3.8% to 4,908.95 rupees

** Industrial equipment-maker's unit won order worth 5.16 bln rupees ($61.5 mln) from Jindal Energy Botswana to set up 300MW energy project

** Stock on track to rise in fifth straight session, if trend holds

** THMX rated "hold" on avg, same as rival AIA Engineering AIAE.NS - LSEG data

** THMX up ~60% YTD vs 17.5% climb in AIAE

($1 = 83.8900 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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Sept 13 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - ENTERED INTO LOAN AGREEMENT WITH THERMAX BABCOCK, WILCOX ENERGY SOLUTIONS

• THERMAX - TO AVAIL LOAN UPTO 2.5 BILLION RUPEES

Further company coverage: THMX.NS

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Sept 12 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - SIGNING OF COLLABORATION AND LICENSE AGREEMENT WITH CERES POWER

• THERMAX - THERMAX TO ENTER INTO ELECTROLYSER MANUFACTURING & SYSTEM SOLUTIONS

• THERMAX - TO PROVIDE GREEN HYDROGEN SOLUTIONS FOR INDUSTRIAL CUSTOMERS

• THERMAX - PLANS TO ESTABLISH MANUFACTURING FACILITY FOR ELECTROLYSERS, DEVELOP SUPPLY CHAIN

• THERMAX - TO MANUFACTURE, SELL AND SERVICE STACK ARRAY MODULES

Source text for Eikon: ID:nBSE2FSckt

Further company coverage: THMX.NS

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Sept 6 (Reuters) - Thermax Limited THMX.NS:

• UNIT FIRST ENERGY TO ACQUIRE 100% STAKE OF ONIX-TWO ENERSOL

Source text for Eikon: ID:nNSE6y89kH

Further company coverage: THMX.NS

(Reporting by VijayDattaram Malkar)

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BENGALURU, Aug 1 - India's Thermax THMX.NS posted a 13.5% rise in first-quarter profit on Thursday, on steady demand for industrial products.

Its consolidated profit before tax and exceptional items rose to 1.61 billion rupees ($19.23 million) in the April-June quarter from 1.42 billion rupees a year ago.

The company had an exceptional charge of 510 million rupees in the year ago quarter, relating to litigation costs.

Analysts had previously said that capital goods companies would see revenue growth in the first quarter on the back of healthy industrial demand and execution.

Thermax, which caters to industries like aviation, cement and renewable energy, said its order book rose marginally in the quarter.

Revenue from the industrial products segment, which sells electric boilers, heat pumps and wastewater treatment plants, increased 15%.

Revenue from its industrial infrastructure segment, which makes large boilers and refinery process units, rose 1%.

The segments together contribute about 85% to the company's total revenue, which rose 13% to 21.84 billion rupees.

Peer Larsen and Toubro's LART.NS quarterly profit beat estimates last month.

Thermax's shares closed 2.1% higher after the results.

($1 = 83.7080 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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July 11 (Reuters) - Thermax Limited THMX.NS:

• UNIT ENTERED SHAREHOLDERS AGREEMENT WITH VEBRO POLYMERS HOLDINGS

• AGREEMENT TO INCOPORTAE NEW CO TO EXECUTE EFFECTIVE FLOORING CHEMICAL BUSINESS

Further company coverage: THMX.NS

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** Shares of Thermax Ltd THMX.NS rose ~5% to 5549 rupees, their highest level in a month, before trimming gains to last trade 2.7% higher

** The engineering co's unit secures order worth 5.13 billion rupees ($61.5 million)

** Stock sees second-busiest day in two weeks, with more than 245,000 shares traded

** Avg rating of 22 analysts covering the stock is "Hold;" their median PT is 4190 rupees - LSEG

** Stock rose 76% YTD, its fourth straight year of gains

($1 = 83.4802 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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May 27 (Reuters) - BGR Energy Systems Ltd BGRE.NS:

• RECEIVED INTIMATION OF TERMINATION OF CONTRACT FROM THERMAX

Source text for Eikon: ID:nBSE8QvG8c

Further company coverage: BGRE.NS

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** Industrial machines maker Thermax THMX.NS rises 14.6% to record high

** Indian lender Canara Bank CNBK.NS up 4.3%

** Stocks among 13 cos being included in MSCI Global Standard index, which tracks emerging market stocks, effective May 31

** JSW Energy JSWE.NS, Indus Towers INUS.NS, Mankind Pharma MNKI.NS, Bosch BOSH.NS, Solar Industries SLIN.NS, NHPC NHPC.NS, Torrent Power TOPO.NS, Jindal Stainless JIST.NS, Sundaram Finance SNFN.NS, Phoenix Mills PHOE.NS and PB Fintech PBFI.NS also included

** Inclusion to lead to inflows of $2 billion-$2.5 billion in these stocks, on a cumulative basis - Nuvama

** PB Fintech, Indus Towers, Sundaram Finance, JSW Energy up between 1.2% and 3.6%

** NHPC, Solar Industries, Bosch, Jindal Stainless down between 0.3% and 3.1%

** Berger Paints BRGR.NS, which was removed from the MSCI index, drops 1.9%

** Paytm PAYT.NS and Indraprastha Gas IGAS.NS shed about 1.6% and 1.3%, respectively, after being downgraded to small-cap index from mid-cap index

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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BENGALURU, May 10 - India's Thermax THMX.NS reported a higher fourth-profit on Friday, helped by strong demand for its products.

The industrial machines maker reported a consolidated net profit of 1.88 billion rupees ($22.5 million) in the quarter ended March 31, up 20.5% from last year and in line with analysts' estimates of 1.87 billion rupees, as per LSEG data.

Capital goods companies in India have benefitted from the government's push on infrastructure and clean energy through increased capital expenditure and production-linked incentive schemes.

Rival KEC International KECL.NS reported a more than doubling of profit earlier this week, while Larsen and Toubro's LART.NS profit beat analysts' estimates.

Thermax, which caters to industries like aviation, cement and renewable energy, said its order book rose 2% from last year.

Sales of industrial products such electric boilers, heat pumps and wastewater treatment plants increased 23% to 12.07 billion rupees during the quarter.

Revenue from its industrial infrastructure business, which includes large boilers, power plants and refinery process units, increased by 17%.

A 22% rise in raw material's costs pushed Thermax's expenses up 19% to 25.68 billion rupees.

Shares of the company closed 2.2% higher ahead of results.

($1 = 83.4950 Indian rupees)

(Reporting by Aleef Jahan and Kashish Tandon in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)

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April 15 (Reuters) - Thermax Limited THMX.NS:

• OPENS MANUFACTURING FACILITY IN PUNE FOR WATER AND WASTEWATER TREATMENT SOLUTIONS

Source text for Eikon: ID:nBSE5g6jrM

Further company coverage: THMX.NS

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** Shares of Thermax THMX.NS up 6.1% to a record high of 3,758.85 rupees before giving up some gains; last up 5.6%

** Stock on track for a fourth consecutive session of gains, and has risen ~9% during this period so far

** Reuters could not determine the reason for stock move

** More than 137,000 shares change hands by 1:45 p.m. IST, 1.8x the 30-day avg

** Average rating of 22 analysts equivalent of 'hold;' seven analysts rate it 'buy' or higher and seven rate it 'sell' or lower - LSEG

** The median PT of 3,080 rupees, however, is ~18% below the record high price - LSEG

** THMX up 17.6% so far in Feb, eyes third straight monthly gain

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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Feb 20 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - ENTERED INTO A LICENSE AND TECHNICAL ASSISTANCE AGREEMENT TO OBTAIN TECHNOLOGY TO MANUFACTURE POLY CARBOXYLATE ETHER PRODUCTS

• THERMAX - DEAL FOR $300,000

Source text for Eikon: ID:nBSE7y19kz

Further company coverage: THMX.NS

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BENGALURU, Feb 8 (Reuters) - Indian engineering company Thermax THMX.NS reported an 11% year-on-year rise in third-quarter profit on Thursday, helped by strong demand for its industrial products.

Consolidated profit before tax and exceptional items rose to 1.83 billion rupees ($22.1 million) in the three months ended Dec. 31, from 1.65 billion rupees a year ago.

Engineering companies in India have been benefitting from the government's push on infrastructure, clean energy and indigenisation through increased capex and production-linked incentive schemes.

The order flow at capital goods majors such as Larsen & Toubro LART.NS, Siemens SIEM.NS and Thermax have risen by an average of 28% YoY for the last six quarters, brokerage Jefferies estimated last month.

Among peers, KEC International KECL.NS reported its profit surged more than five-fold in the quarter, while Cummins India CUMM.NS said its profit increased 20.6%.

Thermax's sales of industrial products -- such as for heating, cooling, water and waste management -- increased 19.5% in the quarter.

Revenue from its industrial infrastructure business, which includes building large boilers, turnkey power plants, and wastewater treatment plants increased by 9.7%.

These two businesses accounted for more than 90% of the company's total revenue, which rose 13.4% to 23.24 billion rupees.

Thermax, which serves industries ranging from aviation, and cement to renewable energy, said its order booking for the quarter was 17% higher year-on-year at 11.54 billion rupees.

It also approved an additional capital expenditure of 450 million rupees to set up an ion exchange resin manufacturing plant.

Thermax's shares jumped 6.8% to a record high after the results, before reversing course to trade down 2.4%. The stock had risen 56.6% in 2023.

($1 = 82.9832 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 7982114624;))

Dec 28 (Reuters) - Thermax Limited THMX.NS:

• COMPLETED TRANSFER OF LEASE HOLD RIGHTS OF VACANT PLOT AT MIDC INDUSTRIAL AREA CHINCHWAD, PUNE

• CONSIDERATION OF 1.36 BILLION RUPEES

Source text for Eikon: ID:nBSE4SHM07

Further company coverage: THMX.NS

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