Emkay Global Financial Services has upgraded Tata Power Company to 'Hold' with target price of Rs 81  in its report.

Commenting on the investment rationale, the stock broker said, ''Tata Power APAT at Rs 2384 million was above our estimate mainly due to higher profitability at CGPL and Indonesian coal mining business. Indonesian coal mining business reported significant improvement in the operations in spite of a USD 5/trillion decrease in the realizations QoQ and Profit at CGPL was supported by lower fuel charges.

We have revised upwards our FY16/17 estimates by 43%/40% and upgraded our rating on the stock to Hold from Sell earlier.''

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