CESC gains 2% after Citi raises price target, upgrades to buy

Management is hopeful to maintain the current level of profits from Haldia unit, Citi said.

CESC shares gained almost 2 percent intraday on June 7 after global brokerage firm Citi put a buy call on the stock and raised its target price to Rs 891 from Rs 871 earlier.


The stock was quoting at Rs 768.00, up to Rs 6.40, or 0.84 percent on the BSE at 1150 hours. In the last one month, the stock has gained 10 percent.

The brokerage raised its standalone EPS estimates by 4 percent and consolidated EPS estimates by 12-18 percent over FY20-21.

Management is hopeful to maintain the current level of profits from Haldia unit, Citi said, adding that Dhariwal power station losses reduced significantly in FY19.

The company sees distribution losses reducing further in FY20 and to eventually turn profitable in FY21.

Calcutta Electric Supply Company (CESC) is the flagship power utility of RP-Sanjiv Goenka (RP-SG) Group of companies.

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