Sharekhan recommended Hold rating on Greaves Cotton with a target price of Rs 155 in its research report dated April 15, 2019.
Sharekhan's research report on Greaves Cotton
GCL 3W business is expected to remain under pressure over the next two years driven by a shift towards gasoline/CNG engines. Margins drop also projected due to increased costs due to shift to BS6 norms and increased proportion of low margin multi-brand products and electric scooters. Earnings growth likely to decelerate to 5% CAGR over FY2019-2021 period.
We retain our Hold recommendation on the stock of Greaves cotton Limited (GCL) with a revised PT of Rs 155.
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