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NTPC (NTPC enters merchant power market, ADD):
Ministry of Power has allowed NTPC to sell 15% of the power generated from its upcoming capacity at Korba and Farakka (500MW each) through merchant route. Assuming a realisation of Rs4 per unit, this would lead to a 2-3% accretion in FY12-13ii earnings. The stock’s current P/BV of 2.2x on FY12ii prices in long-term earnings growth of 8%, which we think is reasonable. We retain ADD.
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