ICICI Direct is bullish on NTPC recommended buy rating on the stock with a target price of Rs 105 in its research report dated June 29, 2020.
ICICI Direct's research report on NTPC
NTPC reported operationally decent Q4FY20 results. Despite lockdown impact in March 2020, the company posted better generation data vis-à-vis expectations. NTPC met its capacity addition target in FY20 and has aggressive additions plans in FY21-22E. Optically, PAT looks below estimates, which is on account of higher tax outgo on account of settlement of previous tax disputes to the tune of Rs 2660 crore under the Vivad se Vishwas scheme.
Valuations are 0.7x P/BV on FY22E. We would wait to turn buyers when some aggression is visible in renewable capacity addition.
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