SINGAPORE (Sept 19): CGS-CIMB Research is keeping its “add” call on Sembcorp Industries with an unchanged target price of $3.49 on the back of higher power demand in India.

Average electricity spot prices in India have surged to a 3-year high on higher demand as a result of retreating monsoon as well as lower hydro and wind power generation, according to analyst Lim Siew Khee in a Tuesday report.

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