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Goldman reiterates 'buy' on Crompton Greaves

Cites favourable risk-reward ratio after firm completed restructuring of Belgium plant in Dec qtr

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retains its "buy" rating on Ltd and adds the stock to its Asia-Pacific Conviction List.

Goldman cites a favourable risk-reward ratio after the Indian power equipment maker completed the restructuring of its Belgium plant in the quarter ended in December.

The bank adds Crompton Greaves' valuations are trading at a historical trough, calling it "unjustified."

Goldman's report comes after Morgan Stanley added Crompton Greaves, among other stocks, to its India model portfolio in a report on Friday.

However, Goldman has cut Crompton's sum-of-the-parts target price to Rs 127 from Rs 144 to factor in slower improvement in overseas margins after the December quarter results.

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