Crompton Greaves may slip to Rs 130, says SP Tulsian, sptulsian.com.
Tulsian told CNBC-TV18, "I won't buy Crompton Greaves, looking to the results. But the kind of run up which we have seen again probably, I am unable to connect whether this is more because of the short covering or the fresh call has been taken on the stock in view of the positive view overall on the capital goods sector and maybe probably after the Q3 management discussions having taken place. But purely going by the results inspite of the good jump in the topline, the company has been able to maintain the topline growth having posted a topline of Rs 3,000 crore plus for the quarter against estimates of Rs 2,700 crore which it has surpassed by 10-11%."
He further added, "The margin remains a big concern. So probably taking that into account, I will not be really because the kind of run up which we have seen today itself, it has risen by about maybe Rs 14-15. So probably once and since I have my soft view or maybe negative view on the market going ahead, probably we can see the stock correcting maybe after touching a high of Rs 144-145 and can again slip back to Rs 130. At that time one can look to take a call on the stock again at those levels."
