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Broking house, P-Sec recommended hold rating on Thermax.

P-Sec report on Thermax:

Thermax reported a growth of 107% yoy and a bottom line growth of 103% yoy. The results bettered our expectations with a big margin, the EBITDA margins sank by 38 bps yoy. The management had given a rich guidance of 40% yoy growth for FY08 and have maintained there position of stable to better margins.

The current order book stands at Rs. 36.72bln (0up by 66%yoy) that is 1.42x net sales of FY07 offering visibility for future growth.

It was a jerky session on Dalal Street. After a hopeful beginning, the indices came below a session of profit booking and trimmed off the majority of the day’s gains. The Nifty ended flat at 4,620 points after gaining just 1.40 points, whereas the Sensex ended the day at 15,795, up 63 points.

The stock markets closed on a flat note after a quite impulsive session. The boarder markets ended in the red with a weak breadth. In the F&O section, the return was the highest ever at Rs 64,281 crore.

IT, capital goods and IT stocks - Reliance Energy, Satyam, BHEL, NTPC, and HDFC Bank ended the day in the green, ended higher. But, selling pressure was seen in auto, FMCG, and pharma stocks.

In early trades, Industrial Finance

Sharekhan Research maintained purchase rating on Sun Pharmaceutical Industries with target price of Rs 1287. At current market price Rs 965, stock valued at 21.6x FY2008E and 18.1xFY2009E fully diluted earnings.

Result highlights:

Punjab National Bank said that it may increase term depository rates b

Ranbaxy Laboratories leads the gainers path on the Sensex. In morning trades, the share is quoting at Rs 364.40, which is up Rs 23.35, or 6.85%.

It touched an intraday high of Rs 365.50 and an intraday low of Rs 340 during the day.

Today, the scrip is trading with volumes of 523,094 shares. Yesterday the share ended the day on a dreary note after losing 1.02% or Rs 3.50 at Rs 341.05.