Kotak Securities is bearish on NTPC and has recommended sell rating on the stock with a target of Rs 143 in its November 3, 2014 research report.
"NTPC, operational profitability has bore the brunt of impact of new tariff norms, which have become applicable from April 2014. These norms have tightened the operating efficiency parameters needed to earn incentives and recover fuel costs. Thus, earnings for the quarter has declined due to a combination sub optimal generation growth and impact of tariff norms. Dividend yield of ~ 4% is attractive at current price, which may provide support to price. In view of the unexciting earnings outlook, we recommend Sell with a one year forward target price of Rs 143 based on 1.2x P/BV," says Kotak Securities research report.
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