Goldman Sachs upgrades Crompton Greaves to "buy" from "neutral" and raises its target price to Rs 155 from Rs 120, citing better prospects of domestic orders and margins.
The investment bank says Crompton would benefit from the balance sheet restructuring of state electricity boards and attractive valuations.
Goldman adds that the company would benefit from power sector reforms as over 25% of its revenues are driven by domestic power transmission and distribution capex.
Shares in Crompton Greaves down 0.5% at Rs 127.35.
