Shares of state-owned NTPC Ltd. are up almost 5% on Tuesday, reaching another new high. The share is also the top gainer on the Nifty 50 index.
The global brokerage Jefferies has raised its 12-month target price for NTPC from Rs 445 to Rs 485 while maintaining a ‘Buy’ rating on the share.
The price target suggests that the stock might rise by around 23 per cent from its Monday closing levels. Jefferies stated that NTPC’s first-quarter earnings were 11% higher than expected. The fixed cost under-recovery was ₹200 crore, up from Rs 100 crore in the previous year. However, this was balanced by higher coal and gas PLFs.
As of 11:41 am, NTPC shares were trading 3.82 % higher at Rs 408.95.
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