The sharp outperformance in the stock (aided by MSCI inclusion) when seen in the context of growth outlook and return ratios (average RoE of 12.7% over FY21-23E) drives us to downgrade our rating to Neutral
With an apt product portfolio for the rural market, the highest brand recall, and a strong distribution network, it is best placed to benefit from low penetration and ongoing momentum in the rural economy.
COAL’s management has noted that the company’s receivables have increased to Rs 230 bn in Q1FY21 from Rs 178 bn at end-FY20. However, these decreased to Rs 210 bn at end-Aug’20. COAL expects the situation to normalise f
NTPC expects FGD systems to be commissioned within the timelines given by the CEA. In this regard, the company has awarded ~59GW of capacity at project cost of Rs 281b. Furthermore, ~5GW of capacity is under tendering and is
Declining capitalisation could impact growth, but valuation remains attractive: While the awarding of transmission schemes (~Rs 250 bn) under renewable integration provides a good opportunity to win new awards, our checks hav