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The 2014 All-India Research Team: Capital Goods, No. 2: Lokesh Garg

< The 2014 All-India Research TeamLokesh GargKotak SecuritiesFirst-place appearances: 3

Total appearances: 4

Analyst debut: 2011

After three straight No. 1 appearances on this roster, Lokesh Garg drops to second place. He switched firms in October, leaving Kotak Securities for Credit Suisse, and discontinued reporting on his coverage universe of 17 Indian capital goods names in mid-July, in anticipation of his move. Among his favorites in the group have been Mumbai’s Gujarat Pipavav Port, a marine shipping port operator, and industrial electrical equipment manufacturer Crompton Greaves. Garg reiterated his buy stance on GPP in October 2013, citing quarterly results that were sufficiently robust to enable the company to issue its first dividend. By mid-July the share price had nearly tripled, bolting to 139.15 rupees, while the sector gained 70.3 percent. In January he upgraded Crompton Greaves from add to buy, on earnings growth in its domestic operations and stabilization of its international business. The stock leaped 106.7 percent through mid-July, to Rs209.86, besting its peers by 45.6 percentage points.


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