{"id":302501,"date":"2019-11-23T11:26:36","date_gmt":"2019-11-23T05:56:36","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=302501"},"modified":"2019-11-23T11:26:36","modified_gmt":"2019-11-23T05:56:36","slug":"edelweiss-maintain-buy-on-ntpc-with-tp-of-rs-150","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/edelweiss-maintain-buy-on-ntpc-with-tp-of-rs-150\/","title":{"rendered":"Edelweiss: \u2018Maintain \u2018buy\u2019 on NTPC with TP of Rs 150"},"content":{"rendered":"<p>NTPC\u2019s acquisition of the Government of India\u2019s stake in Tehri Hydro Development Corporation (THDC) and North Eastern Electric Power Corporation (NEEPCO) is a right strategic step in our view. The acquisitions provide a toehold in renewables with 5GW of capacity (3GW operational); NTPC, hence, avoids low-RoE solar\/wind capex.<\/p>\n<p>Taking a cue from NTPC\u2019s superior returns in Koldam, there is ample potential to soup up operational and financial efficiency (e.g. 150bps reduction in Kd).<\/p>\n<p>The project would add 15% to NTPC\u2019s regulated equity base. In our view, the deal is likely to be value-accretive in a base case scenario of INR100bn; watch out for the final valuation though. Maintain \u2018BUY\u2019 with a TP of INR150.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NTPC\u2019s acquisition of the Government of India\u2019s stake in Tehri Hydro Development Corporation (THDC) and North Eastern Electric Power Corporation (NEEPCO) is a right strategic step in our view. The acquisitions provide a toehold in renewables with 5GW of capacity (3GW operational); NTPC, hence, avoids low-RoE solar\/wind capex. Taking a cue from NTPC\u2019s superior returns in Koldam, there is ample potential to soup up operational and financial efficiency (e.g. 150bps reduction in Kd). The project would add 15% to NTPC\u2019s regulated equity base. In our view, the deal is likely to be value-accretive in a base case scenario of INR100bn; [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-302501","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/302501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=302501"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/302501\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=302501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=302501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=302501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}