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    Buy CESC, target price Rs 108: HDFC Securities

    Synopsis

    CESC Ltd., incorporated in the year 1978, is a Mid Cap company (having a market cap of Rs 10074.34 Crore) operating in Power sector.

    CESC
    Promoters held 52.11 per cent stake in the company as of 31-Dec-2021, while FIIs owned 13.48 per cent, DIIs 22.05 per cent.
    HDFC Securities has buy call on CESC with a target price of Rs 108. The current market price of CESC Ltd. is Rs 75.7.
    CESC Ltd., incorporated in the year 1978, is a Mid Cap company (having a market cap of Rs 10074.34 Crore) operating in Power sector.

    CESC Ltd. key Products/Revenue Segments include Electricity and Other Operating Revenue for the year ending 31-Mar-2022.


    Financials
    For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 3977.00 Crore, down -7.36 % from last quarter Total Income of Rs 4293.00 Crore and up 11.71 % from last year same quarter Total Income of Rs 3560.00 Crore. Company reported net profit after tax of Rs 319.00 Crore in latest quarter.


    Investment Rationale
    Accordingly, the brokerage revises TP downward to INR108 (vs INR113 earlier). However, it retains BUY rating on CESC as the company continue to trade at an attractive valuation of 6.6xFY25P/E and 0.7xFY25 P/BV.

    Promoter/FII Holdings
    Promoters held 52.11 per cent stake in the company as of 30-Jun-2022, while FIIs owned 13.93 per cent, DIIs 21.34 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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