Nomura Maintains Reduce Rating on Adani Power

Nomura in its quick note published recently on Adani Power has maintained 'Reduce' rating with target price of Rs.35. The quick note was published by Nomura after the company owners proposed to trim stake to meet free-float norms.

Nomura feels the proposed stake sale by promoters would not have an implications in its earnings forecast for the company. The company might benefit if the recent 7% appreciation in the INR vs USD sustains.

Nomura maintains 'Reduce' rating as the valuations are expensive after a 33% rise in the stock price over the past 4 weeks.

Source : Equity Bulls

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