London, Oct. 20 (ANI): Indian multinational conglomerate, Essar Energy, has seen its shares surge on the London Stock Exchange, as it flagged brighter prospects for its new key power-growth projects, prompting UK investors to switch on to the firm.
Essar, whose shares have underperformed European utilities by 27 percent this year, rebounded 11/4p to 1321/4p as Morgan Stanley told clients to buy with a 170p target.
"Our analysis suggests the market is valuing Salaya, Mahan and Tori, Essar's key power growth projects, at a 50 per cent discount to invested capital. While these may not yield the same returns as originally envisaged, we think the market is being overly negative," the Daily Express quoted a broker, as saying. (ANI)
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