Sell Reliance Power - Q4FY13 Result Update - Kotak

Large projects still lack visibility, Rosa stable. Reliance Power (RPWR) reported a stable performance for its operational plant—high-cost fuel (Rs3.7/kWh) and ever-rising realization (Rs6.7/kWh in 4QFY13). While Rosa stabilizes and Butibori is nearing commercial generation, limited progress on Chitrangi (key value contributor) and lack of clarity on Samalkot do not allay our concerns about fuel-supply risks.

We maintain our SELL rating with a revised target price of Rs75 (Rs80 previously).

Source : Equity Bulls

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