Thermax has target of Rs 661: Amol Rao

Amol Rao, Analyst, Anand Rathi Institutional Equities told CNBC-TV18, "We do cover Thermax and we are exceptionally positive on, for a simple reason that it has an extremely short sighted business, for a majority part of its revenues. Now the company manages to secure and execute a lot of its business within 15 to 24 months which in the capital good space is a fairly good amount of time to churn around your money."

He further added, "The company has demonstrated in this tough time an exceptionally strong ability to maintain cost and keep its cash flows in tact. We are very positive on the company. We have a target price around Rs 661 which leaves an upside around 10 percent from current levels. What we are enthused about the fact that this is a home grown company which is maintaining its share in the market place despite all the competition that is emerging from international players like the Chinese and the Koreans."