Analyst Reco.

11/05 Kotak Securities Downgrades Thermax to Sell from Buy; Price Target is INR4,000 MT
11/05 ICICI Securities Downgrades Thermax to Hold from Buy; Price Target is INR4,500 MT
11/05 Jefferies Adjusts Thermax's Price Target to INR5,390 from INR3,880, Keeps at Buy MT
06/02 ICICIdirect.com Upgrades Thermax to Buy from Hold, Price Target is INR3,400 MT
28/01 JM Financial Starts Thermax at Reduce with INR2,700 Price Target MT
06/01 IIFL Downgrades Thermax to Reduce from Add; Price Target is INR2,644 MT
12/12 Kotak Securities Upgrades Thermax to Buy From Add; Price Target is INR3,575 MT
13/11 Jefferies Adjusts Thermax's Price Target to INR3,880 From INR4,500, Keeps at Buy MT
04/25/04 Jefferies Adjusts Thermax's Price Target to INR4,500 From INR4,465, Keeps at Buy MT
13/25/13 Jefferies Adjusts Thermax's Price Target to INR4,465 from INR4,835, Keeps at Buy MT
10/25/10 Jefferies Adjusts Thermax's Price Target to INR4,835 From INR6,100, Keeps at Buy MT
18/24/18 Jefferies Adjusts Thermax's Price Target to INR6,100 From INR6,075, Keeps at Buy MT
05/24/05 Jefferies Adjusts Thermax's Price Target to INR6,075 From INR5,480, Keeps at Buy MT
14/24/14 Jefferies Adjusts Thermax’s Price Target to INR5,480 From INR4,445, Keeps at Buy MT
13/24/13 Jefferies Adjusts Thermax's Price Target to INR4,000 From INR4,130, Keeps at Buy MT
07/23/07 Jefferies Adjusts Thermax’s Price Target to INR3,800 From INR3,085, Keeps at Buy MT
03/23/03 Jefferies Adjusts Thermax’s Price Target to INR3,085 From INR2,700, Keeps at Buy MT
19/23/19 Jefferies Adjusts Thermax’s Price Target to INR2,700 From INR2,520, Keeps at Buy MT
15/22/15 Jefferies Adjusts Thermax's Price Target to 2,880 Indian Rupees From 2,615 Rupees, Keeps at Buy MT
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