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GREAVES COTTON LTD
PRICE: RS.126 RECOMMENDATION: BUY
TARGET PRICE: RS.160 FY16E P/E: 14.8X
GCL has closed its infrastructure equipment division which has been making
loss since 2007-2008. We regard this as a positive which will provide an
immediate leg up to the margins. Increasing traction in exports and rebound
in 3W volumes in past two months are further positives. Post the earnings
revision, we upgrade the stock to BUY with a revised target price of Rs 160
Valuations are at a premium to median levels but is at a discount to
engineering sector peers. We upgrade to BUY (prior rating Accumulate) with
revised target price of Rs 160 (Rs.117 earlier).
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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GREAVES COTTON LTD
PRICE: RS.126 RECOMMENDATION: BUY
TARGET PRICE: RS.160 FY16E P/E: 14.8X
GCL has closed its infrastructure equipment division which has been making
loss since 2007-2008. We regard this as a positive which will provide an
immediate leg up to the margins. Increasing traction in exports and rebound
in 3W volumes in past two months are further positives. Post the earnings
revision, we upgrade the stock to BUY with a revised target price of Rs 160
Valuations are at a premium to median levels but is at a discount to
engineering sector peers. We upgrade to BUY (prior rating Accumulate) with
revised target price of Rs 160 (Rs.117 earlier).
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
link
http://www.kotaksecurities.com/pdf/dmb/MorningInsight23092014bv.pdf
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