J.P.Morgan starts coverage of India's NTPC, Power Grid with 'overweight'

Torrent Power

26/03/2025 03:47

** India's low per-capita power consumption, urbanization and industrial growth will lead to a power demand CAGR of 5%-6% over the next decade, says J.P.Morgan

** Initiates coverage of NTPC NTPC.NS and Power Grid PGRD.NS at "overweight"

** Starts Tata Power TTPW.NS and Torrent Power TOPO.NS at "neutral" and JSW Energy JSWE.NS at "underweight"

** Says correction over the past six months reduced the froth in the valuations, but still finds private companies in power sector expensive

** Expects NTPC and Power Grid shares to gain 13.6% and 8.6%, respectively, over the next 12 months

** Estimates Tata Power and Torrent Power to trade largely flat and sees JSW Energy drop 10% in the next 12 months

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))