Hold Crompton Greaves: Indiabulls Securities Research

Indiabulls Securities Research has downgraded its rating on Crompton Greaves to hold in its August 13, 2008 research report. "For the quarter ended June’09, consolidated net sales registered a healthy growth of 33.6% yoy to Rs 20.3 billion. The international entities (Pauwels, Ganz and Microsol) including other subsidiaries witnessed a strong sales growth of 51.9% yoy, while the standalone entities (53% of the consolidated revenues) grew by 20.8% yoy."

"Based on our DCF valuation, we have arrived at a fair price of Rs 280, an increase of 2.2% from the current levels. Thus, we downgrade our rating to Hold," says Indiabulls Securities' research report.

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