NTPC reported operationally weak set of Q2FY20 numbers. In a seasonally weak quarter, marred by monsoon, weak demand and higher hydro power generation, the print pertaining to gross generation and energy sold were below estimates. However, the silver lining was the capacity addition achievement till H1FY20, which instils confidence that NTPC will meets its capacity addition guidance for FY20E. Optically PAT looks ahead of estimates, which is on account of higher surcharge income booked (| 650 crore) during Q2FY20 as payments from SEBs have been delayed. This has...