JP Morgan upgrades NTPC to 'overweight'

Reuters Market Eye - JP Morgan upgrades power company NTPC to "overweight" from "neutral", while maintaining a target price of 175 rupees, citing attractive valuations and a cash rich and prudent financial position, among other factors.

The investment bank says the depreciation in the rupee is not a worry as the increased interest costs can be passed on, while noting a standoff with Coal India over the quality of coal shipments could be a long-term positive if it reduced price-quality mismatches.

NTPC's shares were down 0.63 percent at 12.27 p.m.

(Reporting by Abhishek Vishnoi)