UTILITIES

CITI ON UTILITIES : 04.01.2022

* Citi on Utilities: The base case is that Discom reforms are unlikely in the near future. Regulated utilities & well-run IPPS will continue to insulate
* Base Case Is That DISCOM Reforms Are Unlikely In The Near Future
• 2022 May Be A Repeat Of The Past - Distribution Space To Remain Challenged
* Regulated Utilities & Well-Run IPPS Will Continue To Insulate
• NTPC, Power Grid & CESC Remain Top Picks

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