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Motilal Oswal Report
Motilal Oswal reaffirms its positive stance on the entire transmission and distribution sector, which is experiencing multiyear tailwinds supporting growth. The brokerage believes that valuations are no longer cheap for the sector but possibility of further earning upgrades and unfolding of export opportunities can sustain these valuations.
Motilal Oswal prefers companies benefiting from incremental capex, revenue growth, and margin improvement.
The brokerage has initiated coverage on CG Power, Atlanta Electricals, and GE Vernova T&D India.
Additionally, it reiterates Buy rating on Siemens Energy and upgrades rating on Hitachi Energy to Neutral (target price: Rs 27,000).
Key risks and concerns
Key risks include:
- the unavailability of semiconductor chips;
- supply chain disruptions affecting overall order fulfillment and execution timelines;
- a slowdown in tendering activity;
- challenges in scaling up BESS; and
- rising commodity prices, particularly copper.
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