Hold Grindwell Norton, target Rs 700: Edelweiss

Edelweiss maintains a hold rating on Grindwell Norton with a 12-month target price of Rs 700 citing that though Q4FY16 revenue and EBITDA surpassed estimates, abrasives (65 per cent of sales) continued to underperform. The brokerage said valuations at 24.4x FY18E earnings factor in all positives.