Greaves Cotton Ltd, BUY
C M P: Rs. 260 Target : Rs400
At CMP of 260 Greaves is trading at 9.4 X and 7.8X its FY08E and FY09E earnings. At current levels the stock looks undervalued. We assign a buy rating on Greaves with a
12-14 month price target of Rs 400 (12 X FY09E earnings), implying an upside of 53 percent.
ARIHANTH,14 FEB08
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