Crompton Greaves to consider buyback of equity shares - Angel Broking

Crompton Greaves is expected to consider buyback of equity shares at a meeting of the Board of Directors on June 28, 2013. The restructuring at its Belgium unit along with slowdown in investments (due to GDP slowdown) has heavily impacted its profitability, leading to sharp fall in stock price. Hence, company's move to consider buyback of equity shares sends a positive signal and boosts investor sentiments.

We remain positive on the stock and maintain BUY with a target price of Rs. 117 from a medium to long term perspective.

Source : Equity Bulls

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