Outperform Crompton Greaves, target Rs 87: Macquarie

Macquarie maintains an outperform rating on Crompton Greaves and has also raised its 12-month target price to Rs 87 from Rs 72 earlier.

The confidence has grown in the company on turnaround in margins, and revenue growth displayed in the March quarter. Improvement in Industrial segment is the key driver of upgrade.

Macquarie expects improvement in domestic power segment on back of 2 years of declines.

UDAY reforms, Drives biz, Closure of International Power systems is likely to drive growth