Motilal Oswal has given a buy rating to Power Grid Corporation with a target price of Rs 222. The share price moved up by 0.64 per cent from its previous close of Rs 171.40. The stock’s last traded price is 172.50.
Investment Rationale
The company came up with PAT which was well above the brokerage estimate. After adjusting for prior period revenue, 4QFY20 PAT came in at Rs 31.6 billion, 17 per cent higher than the brokerage estimate. However, the brokerage awaits clarity on possible one-offs for the quarter. Reported PAT stood at Rs 31.8 billion against Rs 30.5 billion in 4QFY19).
