THERMAX

Feb 4 (Reuters) - Thermax Limited THMX.NS:

• Q3 CONSOL NET PROFIT 1.16 BILLION RUPEES; IBES PROFIT EST. 1.83 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 25.08 BILLION RUPEES; IBES EST. 26.95 BILLION RUPEES

Source text: [ID:]

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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

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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:]

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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)

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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

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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

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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

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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

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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

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(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

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July 5 (Reuters) - Thermax Limited THMX.NS:

• UNIT GETS ORDER WORTH 5.13 BILLION RUPEES

Source text for Eikon: ID:nBSE8CSR3T

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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

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Updates to reflect analyst's revised estimate in paragraph 3

By Bharath Rajeswaran

BENGALURU, May 15 (Reuters) - India's weight in MSCI's Global Standard index, which tracks emerging market stocks, has risen to another record high, boosting prospects of more inflows into its equity markets.

With this, India has further narrowed the gap with China on the index. While China's weightage in the index will fall to 25% from 25.4%, India's weight will rise to 19% from 18.2%. The changes, announced on Wednesday, will be effective May 31.

The May review will lead to about $2 billion - $2.5 billion inflows into India, Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research said.

Consistent flows from domestic institutional investors and steady participation by foreign investors means that there is potential for India to surpass 20% weightage in the MSCI Global Standard index by the second half of 2024, Pagaria said.

With the May rejig, India's stock count in the MSCI Global Standard index is at 149, the highest ever for the country.

India's rising prominence in emerging markets is due to robust performance of its equities, particularly in the mid-cap segment, amid the relative underperformance by other emerging markets, especially China, analysts have said.

MSCI will add 13 Indian companies, the most among emerging markets, to the Global Standard Index from May end.

These include JSW Energy JSWE.NS, Canara Bank CNBK.NS, Indus Towers INUS.NS in the large-cap segment, and Mankind Pharma MNKI.NS, Bosch BOSH.NS, Solar Industries SLIN.NS, NHPC NHPC.NS, Torrent Power TOPO.NS, Thermax THMX.NS, Jindal Stainless JIST.NS and Sundaram Finance SNFN.NS in the mid-cap index.

Phoenix Mills PHOE.NS and PB Fintech PBFI.NS have been upgraded to the mid-cap index from small-cap by MSCI.

Berger Paints BRGR.NS will be removed from the MSCI index while Indraprastha Gas IGAS.NS and Paytm's parent One 97 Communications PAYT.NS have been downgraded to the small-cap index from the mid-cap index.

Housing Urban Development Corp HUDC.NS and Waaree Renewable Technologies WAAE.BO have been added to the small-cap index.

Separately, 29 Indian stocks have been added to the MSCI Domestic index while 15 have been moved to other categories or removed.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)

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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

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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

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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)

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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

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Dec 21 (Reuters) - Thermax Limited THMX.NS:

• HEAVY RAINFALL AND SUBSEQUENT FLOODING IN TAMIL NADU LED TO INUNDATION OF SOLAR POWER PLANT OF UNIT

• NECESSARY STEPS FOR RESTORATION HAVE BEEN TAKEN AND WE HAVE INTIMATED INSURERS

• HEAVY RAINFALL AND SUBSEQUENT FLOODING IN TAMIL NADU LED TO INUNDATION OF UNDER CONSTRUCTION PLANT OF UNIT

Source text for Eikon: ID:nBSE8k7jFM

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

• GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION HAS LEVIED A NON-UTILIZATION PENALTY OF 3.1 MILLION RUPEES

• PENALTY FOR FAILURE TO UTILIZE PLOT/SHED ALLOTTED TO CO AT JHAGADIA INDUSTRIAL ESTATE WITHIN PRESCRIBED TIME LIMIT

Source text for Eikon: ID:nBSE5VYpzc

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** Shares of Thermax THMX.NS rise as much as 7.03% to 3,020 rupees, highest since Nov. 6, 2023

** Jefferies identifies THMX among its top picks in industrials sector, says co should benefit from focus on clean energy transition

** Kotak Institutional Equities upgrades THMX to "add" from "reduce", citing co's focus on energy transition

** THMX jumped 4.31% on Friday after several brokerages said that earnings momentum will likely sustain for co, after a meeting with the management

** Nirmal Bang Institutional Equities raises PT to 3,015 rupees from 2,705 rupees earlier; reiterates "accumulate"

** Trading volume is 291,459 shares as of 10:49 a.m. IST, nearly twice the 30-day avg - LSEG data

** The mean recommendation of 22 analysts tracking THMX is equivalent of "hold"

** Including day's gains, THMX shares up 51.4% in 2023 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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** The rising focus on energy transition and sustainability and likely traction in domestic markets led by biomass, renewable energy are likely to support profitability of India's Thermax THMX.NS, analysts said

** Haitong International expects the boilers and heaters' maker to clock 14% revenue compound average growth rate (CAGR) and 20% earnings CAGR, respectively, over fiscal 2023 and 2026

** Motilal Oswal expects THMX to post 21% earnings CAGR, aided by revenue growth and margin expansion over FY 2023-2026

** Antique Stock Broking says THMX is a "play on the industrial decarbonisation theme" and the company is "in a sweet spot given its leadership in multiple product categories

** However all three brokerages term the valuations "expensive"

** Shares of Thermax THMX.NS rise as much as 3.67% to a three-week high of 2,804.35 rupees apiece

** Including today's gains, THMX up 43% in 2023 so far - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

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

• ISSUED ADDITIONAL LETTER OF SUPPORT OF 208.4 MILLION RUPEES ON BEHALF OF UNIT TO CITIBANK N.A. INDIA

Source text for Eikon: ID:nBSE41CpwB

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

• SECURES ORDERS EXCEEDING 5 BILLION RUPEES FOR ESTABLISHMENT OF FIVE BIO-CNG PLANTS

• OUTLINES PLANS TO DEPLOY 1 GW OF HYBRID RENEWABLE ENERGY SOLUTIONS WITHIN NEXT THREE YEARS

• SETS TARGETS TO UPSCALE COAL GASIFICATION PLANTS WITH CAPACITIES RANGING FROM 100 TO 500 TPD

Source text for Eikon: ID:nBSECSdBH

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Nov 9 (Reuters) - ABB India ABB.NS posted an 84% rise in quarterly profit on Thursday, as the technology company was helped by higher order wins in its key electrification and automation segments.

The Indian arm of Swedish-Swiss ABB Ltd ABBN.S said its profit jumped to 3.63 billion rupees ($43.60 million) in the quarter ended Sept. 30 from 1.98 billion rupees a year earlier.

The company recorded 14% year-on-year growth in total orders to 30.04 billion rupees in the quarter.

"The quarter witnessed orders from a diverse range of segments including metals, energy companies, railways, electronics, data centers, EVs, paints, etc.," ABB India said.

Healthy industrial demand, strong order book and better execution amid improved supply chain will drive growth in the September quarter for Indian capital goods companies, analysts had said.

Peer Thermax THMX.NS earlier this month posted a 45% jump in quarterly profit on the back of robust demand, while Siemens SIEM.NS is yet to report its results.

ABB India's revenue from the electrification segment, which contributes nearly 40% to the company's total revenue, rose 18%, while that from the process automation segment jumped 93%.

Its total revenue from operations rose 31% to 27.69 billion rupees.

ABB India's shares closed 0.9% higher after results. The stock fell 7.2% in the July-September quarter.

Parent ABB last month posted a 13% jump in its third-quarter core profit, helped by price increases but flagged a slowdown in revenue growth in the fourth quarter.

($1 = 83.2620 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Maju Samuel)

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