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Hold Tata Power Company: Indiabulls Securities

Posted on: July 10th, 2009 and is filed under Brokerage Recommendations.

Indiabulls Securities Research has downgraded its rating on Tata Power Company from buy to hold in its July 08,2009 research report.

“Tata Power Company delivered a solid set of numbers on the back of strong performance in the coal business. Consolidated net profit increased 27% y-o-y to Rs 12.64 billion. The company added generation capacity of 421 MW during the year and its capacity expansion projects remain on
track or ahead of schedule. However, the stock has increased significantly since our last update and, in our view, now fully discounts most of the upside embedded in the projects under implementation. Consequently, we have downgraded the stock from Buy to Hold,” says Indiabulls Securities’ research report.

source: Moneycontrol

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