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Goldman reiterates 'buy' on Crompton Greaves

Source : REUTERS
Last Updated: Mon, Feb 04, 2013 05:53 hrs
A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange

Goldman Sachs retains its "buy" rating on Crompton Greaves Ltd and adds the stock to its Asia-Pacific Conviction List.

Goldman cites a favourable risk-reward ratio after the Indian power equipment maker completed the restructuring of its Belgium plant in the quarter ended in December.

The bank adds Crompton Greaves' valuations are trading at a historical trough, calling it "unjustified."

Goldman's report comes after Morgan Stanley added Crompton Greaves, among other stocks, to its India model portfolio in a report on Friday.

However, Goldman has cut Crompton's sum-of-the-parts target price to 127 rupees from 144 rupees to factor in slower improvement in overseas margins after the December quarter results.

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