Thermax Industries, Coromandel Fertilizers, PNB, Mahavir Spinning

THERMAX INDUSTRIES Demand Slump Thermax Industries, the Pune-based company that turns out energy and environmental products and systems , water treatment plants, ion exchange resins and chemicals could not do as well as expected in the year to March 1999. The company did not anticipate certain developments in the Indian economy and failed to adapt itself to the changing economic environment. The result is that 1998-99 closed with a fall in sales, profits and margins.