Buy Power Grid, target of Rs 120: Indiabulls Sec
Indiabulls Securities Research has maintained its buy rating on Power Grid Corporation of India with a target price of Rs 120 in its February 26, 2009 research report. PowerGrid’s net sales were up 34.4% yoy to Rs 14.8 billion in Q3’09, mainly due to a higher transmission income. Transmission revenues increased on account of the commissioning of assets worth Rs 87.5 billion since Q3’08 and the recognition of Rs 1.9 billion of Foreign Exchange Rate Variation (FERV) loss as recoverable transmission income. Our enthusiasm in Power Grid Corporation of India Ltd. (PGCIL)’s stock has been lighted up by the encouraging tariff determination norms issued by the CERC for FY10–14. As a result, we have increased our target price for PGCIL’s stock from Rs 110 to Rs 120 and maintain our Buy rating,” says Indiabulls Securities’ research report.
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