Global brokerage firm Macquarie has an ‘Outperform’ rating on NTPC, with a price target of ₹475 per share. This target implies a potential upside of 35% from Friday’s closing levels.The foreign brokerage wrote in its note that NTPC continues to be a compelling play on India’s power demand. Its thermal assets provide an assured return-on-equity (RoE) and benefit from a stable medium-term regulatory framework.
Macquarie said that the continued pickup in power demand supports positive sentiment and reiterated NTPC’s inclusion in its ‘India Diviner Series’ Tactical 6.
Additionally, the brokerage said that potential upgrades to NTPC’s thermal pipeline cannot be ruled out. It expects further clarity on the company’s next long-term growth driver, nuclear power, to emerge over the next six months.
Out of the 25 analysts that have coverage on NTPC, 21 of them have a ‘Buy’ rating, while two each have a ‘Hold’ and ‘Sell’ recommendation, respectively.Meanwhile, the Indian equity market has seen the bulls make a roaring comeback after an intense bout of selling that pushed the benchmark Nifty 50 index into correction territory.The Nifty 50 index rose over 6% last week, marking its best week since February 2021.Last week’s upmove has seen the addition of ₹22 lakh crore worth of investor wealth. The total market capitalisation of BSE-listed companies is now back above the ₹400 lakh crore mark, currently at ₹412 lakh crore.On Friday, shares of NTPC Ltd. settled 2.78% higher at Rs 351.15. The stock is up 5% so far in 2025.
