Motilal Oswal - Crompton Greaves

Motilal Oswal expects Crompton Greaves to report consolidated net profit of Rs3.6b in FY08 (up 49%) and Rs5.3b in FY09 (up 46.1%). The stock trades at 31.8x FY08E and 21.8x FY09E EPS. They have a target
price of Rs316/share (22x FY09E EPS), implies an upside of just 1% from current levels.

They maintain Neutral.