Power Grid Corporation of India (PGCIL) reported revenue of Rs49.0bn in 2QFY16, a growth of 18.1% yoy, in-line with our expectation of Rs49.6bn on account of better execution. The company reported a PAT of Rs14.6bn up 22.2% yoy, in-line with our expectation. We maintain our positive stance on PGCIL as its fundamentals remain strong. In the power utilities space, PGCIL is indeed a safe bet as it is least exposed to operational risks like fuel and SEB's weak financials. We maintain our BUY...