Thriving in a tough market

汇丰银行Arun Kumar Singh,Jenny Cosgrove

　　Market fears of a steep merchant price correction unfounded as short-term, bilateral market prices have remained stable 　　With profitability high, debt-to-equity should fall from 1.3x to 0.8x by FY16e, lowest among IPPs and supportive of dividends 　　Initiate at OW(V) with a TP of INR56; our preferred pick among mid cap IPPs