Barclays Capital has cut India’s Power Finance Corp to ‘underweight’ from ‘neutral’, saying the state-run lender for power projects would see only a limited impact from the government bailout of state-owned electricity distributors (discom).
Barclays Capital added that Power Finance has limited discom exposure, and cited concerns about the recent run-up in its share prices.
BarCap maintains its target disprice on Power Finance at Rs 155.
Shares of the power lender were down 2.9 percent at 10.40 a.m.
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