Shares of Thermax and Info Edge (India) rose up to 4 percent in Friday's trade after Kotak Equities upgraded both stocks to 'Buy'.
Thermax shares rose 3.8 percent to Rs 3,257.50 on the NSE, while Info Edge shares gained 2.65 percent to Rs 1,214.20.
Kotak Institutional Equities upgraded Thermax to 'Buy' with a target price of Rs 4,000, saying the stock's valuation was attractive given its growth prospects.
The brokerage said Thermax was trading at 35 times its estimated FY2028 earnings and expected the company's revenue to grow at a compound annual growth rate (CAGR) of 16 percent over FY2026-29.
It expects businesses in their early stages, including data centres in the US and India and compressed biogas, to contribute an additional 5-6 percentage points to revenue growth. These businesses are expected to benefit from Thermax's strong competitive positioning and expanding market opportunities.