Hitachi Energy, GE Vernova, Siemens rise up to 6% as Nomura calls recent correction an ‘overreaction’. 4 reasons why

Shares of power equipment makers Hitachi Energy, GE Vernova T&D India, CG Power, Siemens Energy and Cummins India rose up to 6 percent after Nomura said the recent correction following the government's exemption for four Chinese manufacturers was an overreaction. Nomura noted that Chinese players secured only about 9 percent of transmission tenders between FY09 and FY20 even without restrictions, only TBEA Energy India has meaningful capacity, the exemption is a temporary two-year measure without precedent, and the short window discourages large fresh capex by Chinese firms.