Motilal Oswal initiates India's Torrent Power with 'neutral', shares drop
BUZZ-Motilal Oswal initiates India's Torrent Power with 'neutral', shares drop ** Brokerage firm Motilal Oswal Financial Services initiates coverage on Torrent Power TOPO.NS with a "Neutral" rating and PT of 1,270 rupees
** Torrent Power's integrated power utility spans electricity generation, transmission, and distribution; co is also expanding its footprint in thermal and renewable energy
** Motilal Oswal highlights that despite significant capacity expansion, Torrent Power's balance sheet is robust, and the company is well positioned to continue bidding for new renewable energy projects
** Sees risk from untied 1.6 GW gas plants struggling against cheap gas and renewable energy, volatility in gas prices due to forex and geopolitical risks, elevated execution risk due to large capex commitments across renewable energy, pumped storage projects
** TOPO down 1.8% at 1,223.2 rupees on the day, down 6.4% YTD
** Stock rated "Hold" on average by 11 brokerage firms, median PT at 1,413 rupees, per data compiled by LSEG
(Reporting by Vivek Kumar M)
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