“We believe regulated utilities are in a good position to expand their incremental market shares given benign competition,” said Morgan Stanley’s analysts Girish Achhipalia, Amit Bhinde and Pranjal Jain in a client note.
AgenciesThe brokerage forecasts a capital expenditure of over $550 billion in the country’s power sector in the next 10 years.
Morgan Stanley reiterated its ‘underweight’ ratings on Torrent Power and Tata Power.
“Private IPPs (Independent Power Producers) have also improved their balance sheets and should see asset base growth, but managements are conservative and will need to make rational capital allocation decisions since there is too much to choose from,” the analysts said.
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