Buy Crompton Greaves target Rs 396

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Buy for Feb 28th ( Crompton Greaves )

HEM Securities has maintained buy rating on Crompton Greaves with target price of Rs 396 in its February 26, 2008 research report. "The company has tied up with Dutch firm Lemnis Lighting for launching LED lighting products. The alliance with Lemnis Lighting in the area of solid-state lighting would usher in latest technology from the house of Lemnis supplemented by the strength of Crompton Greaves in application engineering and integrated solutions. The use of solid-state lighting has innumerable benefits and also addresses the issue of energy conservation. The company alliance with the Dutch firm will provide new state of technology which will help the company in strengthening its product line.

The company with the sizeable business opportunities in the domestic market supplemented by increasing contribution from overseas subsidiaries lead to high earning visibility for the company. The company business strategy has not only led to robust growth of its domestic operations but also expanded the product range and geographical reach. The stock at the current market price of Rs 309 will trade 40.34 times to its earnings and 13.71 times to its book value and is having huge upside potential in medium to long term. Therefore, we are initiating ‘BUY’ signal on the stock with the target price of Rs 396 which is approximately 28% up from the current market price of Rs 309" says HEM research report.


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