Thermax – Goldman Sachs downgraded co. to a sell from neutral, with 12 month price target at INR 410. According to Goldman Sachs the co.’s 20 per cent gain over the past one month was unjustified given new order inflows and profitability on the current order book remains challenging. The investment bank also cited low inflows in energy business, lack of potential increase in CAPEX and reduced  pricing presssure also pose a risk to co. (Economic Times/Reuters)

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