Crompton Greaves wins order worth Rs. 232cr - Angel Broking

Crompton Greaves (CG) has bagged three contracts from Power Grid Corporation of India (PGCIL), valued at Rs. 232 crore for its Thiruvelum, Kurnool, Raipur and Wardha substations. CG will supply seven 500 MVA single phase 765 kV auto transformers and thirty-eight 80 MVAR and 110 MVAR single phase 765 kV reactors, valued at Rs. 232 crore for its Thiruvelum, Kurnool, Raipur and Wardha substations. CG would be responsible for designing, manufacturing, factory testing, dispatch, erection, site testing, commissioning and related civil construction, at various locations in India. The products will be manufactured at CG's Bhopal plant and the projects are expected to be completed within 31 months.

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

Source : Equity Bulls

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