construction capacity is 19.3 GW and expected commercial capacity addition would be around 3.5GW in FY20. According to management, the regulated equity is expected to be Rs600 bn by the end of FY20 compared to ~Rs540 bn at the end of FY19. The company's FGD implementation plan is on track with final awarding materializing by end of this year. The stock is currently trading at P/BV 1.1x FY21E Consensus BV of Rs147. The stock offers attractive dividend yield of ~5%. Not rated. Robust capacity addition pipeline: NTPC's capacity addition pipeline remains...