ICICI Direct has given Buy recommendation for Greaves Cotton with a target price of Rs. 190 in its research report issued on Aug 13, 2021

ICICI Direct’s research report on Greaves Cotton

Greaves Cotton (Greaves) is leading diversified engineering company with presence in automotive, non-automotive, aftermarket, retail, electric mobility solution and finance. New business share increased to ~30% while auto engine reduced to ~37% from FY17 to FY21. Overall, B2C share increased to ~60% in FY21 E-mobility is expected to drive future growth (~12% of FY21 revenue)

Outlook

We remain long term positive and retain our BUY rating on the stock We value Greaves at Rs 190 on SoTP basis

 

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