IIFL has maintained its sell rating on Tata Power Company with a 12-month target price of Rs 1035 in its June 24, 2008 research report. "TPC is arguably one of the best-managed private utilities in India. It is scheduled to commission 550MW in FY09 and management seems upbeat on its chances of completing large projects such as a UMPP ahead of schedule, in FY12. We forecast 67% earnings CAGR through FY08-10ii, driven mainly by the coal business, thereby making it vulnerable to commodity prices. We therefore value TPC’s investments in coal mines on NPV basis instead of the widelyfollowed market-cap basis. Maintain SELL," says IIFL's research report.

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