Why Brokerages Are Turning Bullish On CG Power
Brokerages Citi and Kotak Securities have turned bullish on CG Power & Industrial Ltd., the worst performer among power transmission and distribution companies, in the last one year.
Citi upgraded the counter to ‘Buy’ from ‘Sell’, citing an operational rebound. Kotak Securities upgraded the stock to ‘Buy’ from ‘Reduce’ on a change in the company’s business mix. The company’s valuations have factored in all the negatives, including a delay in the sale of its loss-making international business, making the stock an attractive bet, the two brokerages said.