canada goose outlet As per brokerage firm JM Financial, NTPC targets nearly 5 6 GW of additions at group level in FY21 22 whereas commercialisation targets remain at about 5.95 5.67 GW in FY21 22.”We find NTPC to be immune to COVID 19 demand impact given regulated RoEs. While the discoms rebate (per MoP directive) will result in flattish FY21 earnings, we find capacity addition led growth to result in 13 14 percent EPS CAGR in FY20 22 period,” said JM Financial.”With power coal stocks at a high (29 days), future PAF losses for NTPC are not expected. We find the stock attractive given its potential for steady growth and inexpensive valuations at about 0.7 times FY22 BV and 6 times P/E.”The brokerage has a buy call on the stock with a 12 month target price of Rs 160, which is a 65 percent upside from the last session’s closing of the stock (June 26).So far in the calendar year 2020, the stock has fallen nearly 19 percent against a 15 percent fall in the benchmark index Nifty.As per the brokerage, the recurrence of coal issues, delayed capacity addition and any adverse impact from CERC regulations on new PAF norms from FY21 are the key risks for the stock.Motilal Oswal Financial Services also has a ‘buy’ call with a target price of Rs 145 on the stock.”While extended lockdown at the country level could impact upcoming commercialisation plans, we note that even if we assume no incremental commercialisation, the full benefit of recent additions should aid FY21 PAT by Rs 900 1,000 crore (6 7 percent of FY20 adjusted PAT).
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