Nuvama Institutional Equities has upgraded CESC to ‘Buy’ from ‘Hold’, raising its target price to Rs 200 from Rs 187 earlier. The domestic brokerage cited strengthened renewable energy (RE) growth plans, a new solar manufacturing initiative, and potential upside from regulatory developments as key drivers behind the upgrade. Advertisement

CESC has laid out ambitious plans to double its PAT to around Rs 2,800 crore over FY25–30E. The company aims to add 1.2 GW by FY27E and 3.2 GW by FY29E, working towards a long-term target of 10 GW by FY32E. Of this, 3.8 GW has already received approvals while 7.6 GW of transmission connectivity applications are in place, primarily in states with high renewable energy potential. Alongside capacity additions, CESC is setting up a 3 GW solar cell and modul

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