To the above two comments, i add this about PSEs like PFC, NTPC, REC, Power Grid and such in the field of power generation and distribution:
Does the meteoric rise in stock price in some of these reflect earnings growth or is it a case of optimism on renewable shift in future? What is the basis of sentiment change? Assuming these companies will anchor or herald the shift to renewables, will it translate to investor wealth given govt control on multiple things including pricing power?
Does government no longer controls the pricing? Has the ROE cap at below 15% no longer there in some of these?
For example, Coal India appears in Graham’s 10 years earning screen, monopoly, huge earnings, cash pile etc…still it has destroyed investor wealth in all these years.
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