Tata Power, Torrent Power, BHEL surge up to 6% on Morgan Stanley’s target upgrade

Analysts at Morgan Stanley forecasted capex of $550 billion in the next decade as India builds energy security

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Shares of power companies NTPC, Power Grid, BHEL, Tata Power and Torrent Power surged up to 6 percent on February 15 after global brokerage firm Morgan Stanley shared bullish calls and raised their respective target prices.

The brokerage firm upgraded BHEL to ‘equal-weight’ and raised its target price to Rs 220 per share, followed by an ‘overweight’ call on NTPC and a target upgrade to Rs 390 per share. Morgan Stanley also shared an ‘overweight’ call on Power Grid and raised its target to Rs 296.

On the other hand, analysts were ‘underweight’ on Tata Power and Torrent Power, raising their target prices to Rs 308 and Rs 940 per share.

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“We forecast a capex of $550 billion in the next decade as India builds on energy security. The power demand is rising while supply-side constraints are becoming more complex. We prefer utilities over independent power producers (IPPs),” the brokerage firm said.

Power generation rose 4.5 percent year-on-year (YoY) in December 2023 to 135 billion units. This modest growth was on a high base of December 2022, which saw a robust 14 percent on-year rise.

Plant-load factors (PLFs) for coal-based capacities stood at 65 percent in December 2023 (68 percent for 9MFY24), whereas gas-based capacities operated at 10.4 percent utilisation in December 2023.

Also read: Government’s power sector schemes get 50% higher funds in Budget 2024

The Centre’s schemes for the power sector, including renewables, have received an allocation of at least Rs 28,352 crore in the Interim Budget 2024, up 50 percent from the revised estimate (RE) of Rs 18,945 crore in 2023-24. Separately, renewable energy schemes (under MNRE) were allocated Rs 12,491 crore, up 65 percent from Rs 7,586 crore in RE 2023-24.

Besides, power sector initiatives (under the Ministry of Power) got a 40 percent hike from Rs 11,359 crore to Rs 15,861 crore.

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