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DJ Thermax May Benefit From Indian Govt's Infrastructure Focus -- Market Talk

· 02/05/2021 03:59

0859 GMT - Thermax's earnings growth outlook looks healthy, based on its 3Q FY 2021 results, ICICI Securities says, raising the stock's rating to hold from reduce and its target price to INR1,184 from INR780. The company's 3Q order intake was healthy at INR15.7 billion and its order pipeline looks strong. Also, India's budget is strongly pro-growth and highlights the government's focus on infrastructure spending, which could lead to improved demand for Thermax's engineering solutions, the brokerage says. To reflect likely higher growth and margins, ICICI Securities raises its earnings estimates for the company by 55.7%/17% for FY 2022/FY 2023. Thermax shares are little changed at INR1,210.05. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 05, 2021 03:59 ET (08:59 GMT)

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