Thermax Strengthens Chemical Portfolio with 51% Stake in JV with Brazil’s OCQ

through its wholly-owned subsidiary Thermax Chemical Solutions Pvt Ltd, has entered a strategic joint venture with Brazil’s OCQ, securing a 51% stake while OCQ holds 49%. This JV will manufacture, market, and sell OCQ-formulated acrylic resins in India, leveraging Thermax’s infrastructure and extensive customer base. The first production line will be set up at Thermax’s Jhagadia plant in Gujarat, targeting key sectors like paints, adhesives, infrastructure, textiles, and waterproofing, with future expansion into polyester and alkyd resins. This move enhances Thermax’s chemical portfolio, which already includes ion exchange resins, water treatment chemicals, and construction chemicals. Ashish Bhandari, MD & CEO of Thermax, highlighted the JV’s role in delivering high-performance chemicals, while OCQ’s Founding Partner, Francisco Fortunato, sees it as a key entry into the Asian market. This marks a pivotal expansion for Thermax, reinforcing its global reach and industry leadership. Technically, Thermax Ltd is showing early signs of recovery, rebounding from the ₹2993-₹3207 support zone, with resistance at ₹3500-₹3600. A breakout above ₹3600 could push the stock toward ₹3818-₹3892, aligning with the 70-day EMA (₹3818.65). However, the 100-day EMA (₹4143.88) and resistance at ₹4276 remain key hurdles. The RSI at 52.73 indicates neutral momentum, requiring stronger volumes for a sustained trend. Failure to hold ₹3207 could lead to a retest of ₹2993. The short-term trend remains neutral, with confirmation needed for a directional move. I have attached the daily chart of for your reference. Please direct message me, as I won’t be able to respond to each comment individually. Follow me for more such updates, Thank You!