Graphic: MintSome intermediate gains aside, CESC Ltd’s shares have largely been somewhat cool to its demerger plan. With the process now delayed, the power business may not get the desired valuation multiples, says ICICI Securities Ltd. Still, ICICI Securities adds that CESC’s loss-making retail business has seen a notable improvement in its financial performance after the initial demerger announcement. A stake sale will help the company set a valuation benchmark for the retail unit before listing. What CESC lacks are positive triggers in its power business.

Source: Mint October 16, 2018 02:26 UTC