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Accumulate Reliance Power: Prabhudas Lilladher

Posted on: July 1st, 2009 and is filed under Brokerage Recommendations.

Prabhudas Lilladher has recommended an accumulate rating on Reliance Power with a target of Rs 181 in its June 26, 2009 report.

“RPower is expected to take a lead in capacity addition amongst the private players in the future. Thus, the company is presently trading at P/BV of 2.8x FY1E as compared to a P/BV of 2.4x of NTPC. We believe that the company’s present valuation does not justify the limited capacity addition currently and the risks associated with UMPP’s.”

“However, we believe that RPower is well positioned for upcoming projects, given the greater thrust on private participation by the Government and RPower’s capability to participate in the same. We rate the stock ‘Accumulate’ and recommend buying on weakness. Target price Rs 181,” says Prabhudas Lilladher’s research report.

source: Moneycontrol

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