Morgan Stanley has an overweight call on NTPC and has increased the price target to Rs 186 from Rs 150. The reason behind the revision in the price target is a bet on a play in India's energy transition.
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Therefore, Morgan Stanley suggests that the company is also starting to see an improvement in its thermal business, which will aid impetus other than the fact that a lot more is happening in its renewable business as well.
In fact, it values the renewable business separately at around Rs 18 per share and its renewable business is valued at around 12 times EV/EBITDA.
Also Read: Green foray: Mahindra Lifespaces' net-zero energy housing project at 5% premium in Bengaluru
These are some of the factors why a Morgan Stanley is bullish on NTPC and perhaps one of the many reasons behind the stock’s upmove.
Watch the accompanying video of CNBC-TV18’s Agam Vakil for more details.
