Pecking order in power value chain: PowerGrid is better placed with strong business model as UDAY and power generation is expected to gather pace. It is a central transmission utility with more than 40% market share, commands transmission lines in excess of 127,539 kms and Sub-stations in excess of 248,164 MVA. Being a regulated state-owned enterprise, we believe this company has a capability to generate decent return on equity model. Speed of capitalization Better than internal target: We firmly believe the capability of the company to achieve the capitalization targets of Rs.280bn or excess in FY16. During 9MFY16, company...