India's CESC rises as Kotak ups stock to 'add' on valuation
BUZZ-India's CESC rises as Kotak ups stock to 'add' on valuation ** Kotak Institutional Equities upgrades Indian power utility CESC CESC.NS to "add" from "reduce" following a 35% correction in the stock from its peak, saying valuations have become more attractive
** Brokerage expects improved execution of renewable energy projects and investments of 33 billion rupees across renewables and distribution businesses to support earnings growth
** Kotak cuts price target of CESC to 145 rupees from 172 rupees, citing delays in commissioning renewable energy projects
** Says CESC's regulated power distribution businesses generate steady cash flows that could fund its renewable energy expansion
** Expects co to benefit from its planned acquisition of ReNew Power's 1.1 GW operational renewable energy portfolio, helping it move towards its target of over 3 GW capacity by FY2030
** Shares of co rise as much as 2.1% to 131.40 rupees
** YTD stock down 22.1%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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