Stock market analyst Gaurang Shah of Geojit BNP Paribas has maintained 'buy' rating on Adani Power Ltd stock with long term target of Rs 160.

According to analyst, the investors can achieve the said target within period of 12-18 months.

The stock of the company, on Sep 01, closed at Rs 138.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 144.45 and a low of Rs 92 on BSE.

Adani Power announced that by 2014-end, the company's power generation capacitance would be more than 16,000 megawatts.

Moreover, the company has also decided to commission six projects during the said period.

Adani Power Chief Executive Officer Ravi Sharma stated that the company has already made fund arrangements for the majority of its projects.

It is eyeing to make an investment of more than Rs 80,000 crore on development of these projects.

According to reports, Adani Power Ltd is eyeing on coal-fired capacity.

Adani Power Ltd plans to invest around Rs 825 billion to raise capacity almost 17-fold to 16,500 megawatts by 2014.