We initiate coverage on Adani Energy Solutions (ADANIENS) with a BUY rating and a TP of Rs1,195/share. AESL, with presence in various facets of the energy domain is a leading energy solution provider in transmission and distribution segments. AESL is well-poised in the smart-metering business and chasing growth via the energy solutions business. With a strong order book in smart meters' division and work-in-hand in the transmission divisions, we project an...