India's Hitachi Energy, GE Vernova, CG Power rise after Citi initiates with 'buy'

Siemens Energy India

04/06/2026 06:58

** Indian power equipment stocks jump after Citi initiates coverage 
** Hitachi Energy HITN.NS jumps 4.8%, GE Vernova T&D GETD.NS up 2.7% and CG Power CGPO.NS climbs 3.7% on "buy" rating and Street-high price targets 
** Citi starts coverage of Siemens Energy SIEE.NS with "neutral"; stock up 1%
** Citi's implied upside estimates for HITN, GETD, CGPO and SIEE at about 33%, 25%, 21.3% and 8.5%, respectively
** HITN up 102%, GETD up 62.6%, YTD - exchange data
** CGPO and SIEE up 45.6% each so far this year - exchange data
** Citi expects $15 trillion global power transmission & distribution capex cycle through 2050, driven by renewables and data centers
** Says, India well-positioned as local companies manufacture 80% of global T&D products
** Adds, 7.9 trillion rupee government transmission plan through fiscal 2036 fuels multi-year infrastructure growth 
** This spending unlocks 1.6 trillion rupee original equipment manufacturer opportunity in the high-voltage direct current segment alone, brokerage says 
** Sees further upside from export growth, capacity expansions 

Citi initiates coverage of India's power grid equipment makers https://reut.rs/3Qn4XGi
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))