We initiate coverage on Crompton Greaves with a ‘BUY’ recommendation and a target price ofINR 320 per share implying an upside of 22% from current levels. We expect Crompton Greavesto maintain its leadership position in transformers space with robust spending planned in powergeneration over 11th and 12th five year plans resulting in robust demand for power equipments.We believe the increasing synergies arising from the international acquisitions and technologicalprowess in high end power T&D products would create significant value going forward.
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