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Deutsche Bank has maintained its buy rating on NTPC with a target price of Rs 215, implying 21.7 percent upside from Thursday's closing price.
"Multiple positives have emerged for NTPC which are likely to drive strong profitability," the research said.
It further said positives factors are 5-6GW capacity addition per annum, higher plant load factors and relief from GCV losses.
Potential risk of regulated return on equity reduction is much smaller than positives, it feels.
"We see 8 percent positive net profit impact for FY19/20 if gross calorific value on coal relief is accepted," Deutsche said, adding net profit could jump 20 percent from second half of FY18 if GCV order favours NTPC.
The stock price closed at Rs 178, up Rs 1.30, or 0.74 percent on the BSE.
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