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Brokerage: Kotak Sec | Rating: Moved to Add | Target: Rs 525

Kotak Securities changed the rating back to add from reduce after another of underperformance was seen. The recent disclosures show low impairment ratio in the power sector. Moreover, the brokerage said that the power remained the sore area as gross NPLs were quite low.

Brokerage: Goldman Sachs

The global research firm has initiated coverage on the company with a target of Rs 190.

Brokerage: Motilal Oswal

Motilal Oswal said that the company’s annual report shows improvement in the adjusted operating cash flows post interest to Rs 37,000 crore. Moreover, expenses worth Rs 32,500 crore will be recognised once Jio stops capitalisation, it added. Additionally, increase in non-trade payables of Rs 30,900 billion support free cash flow.

Brokerage: CLSA | Rating: Buy

The brokerage house said that lower losses drove the EPS growth, while asset monetisation was the key. Further, it expects IDPL capex to peak and losses to decline, led by SDR or surrender of projects. It also likes the company’s plan to monetize roads through InvIT and strategic divesture.