Bernstein retains positive view on India's power sector

Indian Energy Exchange

05/03/2024 06:33

** India's power sector faces less risks from health
deterioration of power distribution companies compared to
previous cycle between 2010 and 2014, as demand and coal
availability remains steady, analysts at Bernstein say
    ** Brokerage reiterates positive view on the sector, lists
NTPC  NTPC.NS , Power Grid  PGRD.NS  as its top sectoral picks
    ** NTPC and Adani Green  ADNA.NS  up 0.6% and 0.9%, while
PGRD and Indian Energy Exchange  IIAN.NS  drop 0.5% and 2.2%,
respectively
    ** Bernstein has an "outperform" rating on NTPC and PGRD,
and an "underperform" rating on IIAN and ADNA
    ** The mean rating of analysts on NTPC is equivalent to
"buy", "hold" on PGRD, and "sell" on IIAN
    ** Adds government's push towards infrastructure and
manufacturing could boost power demand
    ** Says Coal India's production ramp-up and higher
production output at NTPC eliminates challenges due to coal
shortage
    ** Since the start of 2023, PGRD has risen 82% while NTPC
jumps 114%, outperforming the 23% rise in benchmark Nifty 50
index  .NSEI  - LSEG data
 

   

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Bernstein's coverage of India's power stocks    https://reut.rs/4bYzr7z
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 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))