Bernstein Picks NTPC, Power Grid, Muthoot, Paytm

Bernstein highlights Indian power sector growth, citing IEA’s revised 6.4% CAGR demand and $40 bn annual capex outlook.
NTPC and Power Grid receive Outperform ratings for strong capex execution, low‑cost capital and cheaper valuations versus peers.
Muthoot Finance targeted at INR 4,500, with >80% gold loans, 36% asset growth and 95% EPS rise YoY.
Paytm rated Outperform with INR 1,500 target, expecting EPS to jump from INR 9 (FY26) to INR 82 (FY30) and 30% loan volume growth.