CLSA upgrades Power Grid on stronger orders

CLSA upgrades Power Grid Corporation of India to "buy" from "outperform", while maintaining its target price at Rs 125, citing stronger-than-expected orders.

CLSA raises its capex estimates for the next three years, though says it could lead to equity dilution of 10% in fiscal 2014 if the company maintains 70:30 debt equity funding, higher than its previous estimate of 5%.

Shares in Power Grid fall 0.6% to Rs 103.10, slightly outperforming 0.74% fall in Nifty index.