Goldman starts Power Grid with 'buy' rating

Jan 20, 2014, 12.10 PM IST

Goldman says recent reforms including higher coal availability and a debt restructuring of distribution companies could help support shares in the sector.

Tags  Goldman Sachs, Power Grid Corporation of India, NTPC, NHPC, Tata Power Company, Reliance Power, Nifty

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Goldman starts Power Grid with 'buy' rating

Goldman says recent reforms including higher coal availability and a debt restructuring of distribution companies could help support shares in the sector.

Like this story, share it with millions of investors on M3

Goldman starts Power Grid with 'buy' rating

Goldman says recent reforms including higher coal availability and a debt restructuring of distribution companies could help support shares in the sector.

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Goldman Sachs initiates coverage on Indian power companies with a 'buy' rating on Power Grid Corp of India Ltd , saying the sector could benefit from recent reforms, although the magnitude of power tariff hikes could be the biggest risk.

Also Read: Reliance Power commissions boiler at Sasan plant

Power Grid is up 1 percent, outperforming a 0.6 percent gain in the Nifty.

Goldman says recent reforms including higher coal availability and a debt restructuring of distribution companies could help support shares in the sector.

Goldman expects state-run companies to generate higher returns compared with independent power producers in the near term, but returns on equity could remain under pressure due to tighter regulation.

Goldman assigns 'neutral' ratings on NTPC ,  NHPC and  Tata Power Co .

The bank has started coverage on  Reliance Power with a "sell" rating, saying the company's three ultra mega power projects could face delays and low returns.

Power Grid Corp stock price

On January 20, 2014, at 14:15 hrs Power Grid Corporation of India was quoting at Rs 98.00, up Rs 0.85, or 0.87 percent. The 52-week high of the share was Rs 116.70 and the 52-week low was Rs 86.70.

The company's trailing 12-month (TTM) EPS was at Rs 8.64 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 11.34. The latest book value of the company is Rs 51.31 per share. At current value, the price-to-book value of the company is 1.91.

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