Goldman Sachs has reiterated its ‘Buy’ rating on NTPC with a target price of ₹430, as the current market price hovers around ₹428.05. The firm noted that NTPC Green’s profits are in line with estimates and values NTPC at ₹4,173 billion in sum-of-the-parts (SOTP) based on a 12-month target. Within this, NTPC Green is valued at ₹784 billion.
Goldman also highlighted that a ₹100 billion primary issuance would lead to a 13% dilution in NTPC’s stake, indicating potential shifts in shareholder structure moving forward.
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