Buy Greaves Cotton; target of Rs 208: Joindre Capital
Joindre Capital’s research report on Greaves Cotton
Established in 1859, Greaves Cotton Ltd is one of India’s leading and well -diversified engineering companies. It manufactures a wide range of industrial products to meet the requirement of core s ectors in India and abroad. GCL’s core competencies a re in manufacturing of Diesel / Petrol Engines, Gensets and Pumpsets primarily used in the automotive and farm segments.GCL is one of the leading manufacturers of diesel engines for 3Ws with a a market share of 25-30% in 3W passenger vehicles as Bajaj Auto manufactures engines in-house. It has a 90% market share of the 3W goods segment (< 1 ton category) as the market leader is Piaggio which is the single largest client. GCL operates through 11 manufacturing units located all over India with overseas offices in UAE, Tanzania and China.
Hence we believe that the GCL stock should be purchased at the current price for a price target of around Rs 208 for the next 12 to 18 months
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