Crompton Greaves: Best Sell
Big Brexit blow
Stock has run up from Rs 44 as CG had announced sale of its overseas loss making T&D biz for 115 million Euro on Debtfree cashfree basis. This inflow of 115 million Euro would have helped to reduce debt and hopes of improving profitability. However, this deal has been called off. Announcement anyday. We also believe recovery of domestic capex cycle is still not visible and even if there is a recovery, capacity constraints and highly competitive PT market will limit gains. Pricing pressure continues in the overseas markets too, as suggested by peer commentary.
Q1 results (today)will be the worst in 2 years with profit coming only 1/3rd of what is expected by the market. Stock likely to be downgraded
Will stock touch Rs 65 Sept expiry?
Big Brexit blow
Stock has run up from Rs 44 as CG had announced sale of its overseas loss making T&D biz for 115 million Euro on Debtfree cashfree basis. This inflow of 115 million Euro would have helped to reduce debt and hopes of improving profitability. However, this deal has been called off. Announcement anyday. We also believe recovery of domestic capex cycle is still not visible and even if there is a recovery, capacity constraints and highly competitive PT market will limit gains. Pricing pressure continues in the overseas markets too, as suggested by peer commentary.
Q1 results (today)will be the worst in 2 years with profit coming only 1/3rd of what is expected by the market. Stock likely to be downgraded
Will stock touch Rs 65 Sept expiry?
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