Shares of gained 3.68 per cent in Monday's trade to touch a high of Rs 172. Samco Securities included the stock in its Diwali picks with a 12-month target price of Rs 240, suggesting an upside potential of around 40 per cent.

The brokerage said Adani Power trades at a trailing P/E of 22-23 times and EV/EBITDA of 14-15 times, which is a premium to public-sector peers but justified by its superior earnings visibility, balance sheet improvement and growth trajectory. Advertisement

"Adani Power remains well-positioned to benefit from rising power demand and capacity expansion in renewable and hybrid projects over the medium term. One can look to add in the range of Rs 145-152 with a target of Rs 230-240 and a stop loss of Rs 120," Samco Securities noted.

Adani Power, one of India's largest

See Full Page