ICICI Securities initiates coverage of India's Adani Energy Solutions with 'buy'

ICICI Securities

30/09/2024 08:46

** ICICI Securities initiates coverage of Adani Energy
Solutions  ADAI.NS  with "buy", sets TP at 1,318 rupees
    ** Says earnings growth may be driven by new transmission
opportunities, growth in Mumbai DISCOM and co's existing smart
meter wins
    ** Adds India's plans to bid 1.6 trln rupees ($19 billion)
for transmission assets and 1.2 trln rupees for smart meters to
boost growth in the sector
    ** Rivals Tata Power  TTPW.NS  and Power Grid Corp  PGRD.NS 
rated "hold", CESC  CESC.NS  "buy" and Torrent Power  TOPO.NS 
"sell" on avg - LSEG

($1 = 83.7700 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))