NTPC POWER

By CROW -

Anagram Research has recommended an accumulate rating on NTPC with a target price of Rs 210 in its September 6, 2008 research report. "NSG waiver will augment further capacity addition in nuclear space for the company subject to government approvals. We believe the joint venture between Bharat Forge and NTPC will immensely benefit from this move. The joint venture plans to setup 15000 tonne press at a coastal location for manufacture of 500 tonne single forging piece which is needed in power sector. Forging compromises of 60-70% of a nuclear reactor. The company is expecting deliveries of equipment to begin in less than three years."

"We arrive at a price target of Rs 210 at a P/E of 21.5x on a estimated EPS of Rs 9.8. We have not factored in the recently announced NSG waiver effects in our EPS estimates. We recommend investors to Accumulate the stock," says Anagram's research report.

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