Short Crompton Greaves for target of Rs 105: Harchekar

One can short Crompton Greaves if rallies towards Rs 116 for the target of Rs 105, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "Crompton Greaves has broken down from the key trading band of Rs 120-135 and that is projecting a target close to Rs 106. So one should not be buying this stock even one comes to the next support of Rs 105. But probably if there is a pullback rally towards Rs 116, one can initiate a short position for target of Rs 105 but even one should be avoiding bottom fishing even if that Rs 105 support gets violated." The company's trailing 12-month (TTM) EPS was at Rs 10.82 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 10.40. The latest book value of the company is Rs 42.10 per share. At current value, the price-to-book value of the company was 2.67. The dividend yield of the company was 1.24%. Disclosures: We have recommended few strategies to our clients but no personal holdings.