thermax (DeutscheBank) Product business unlikely to offset slowdown in projects

Order inflow fall much sharper than expected; reiterating Sell; Captive power segment may not be able to fill vacuum of utility orders; Working capital worsens; need to see impact of slowdown in industrial sales; Reiterating Sell with a target price of INR 530/share; risks
Date Rating Target Price Recommendation Price Broker house
5 May 2011 sell 630 613 DeutscheBank Report

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