GE Vernova T&D, Hitachi Energy India and CG Power slide up to 9% on July 3 after 2-year tender exemption for four Chinese firms
AI Market Summary
An Indian Finance Ministry memo grants a two-year exemption for four Chinese T&D equipment firms to bid in state-owned tenders, expanding competition in transformers and switchgear. The change pressures domestic incumbents' pricing power and order-win rates, driving sharp single-day declines in GE Vernova T&D, Hitachi Energy India, and CG Power. While HVDC project exposure may be more insulated, sentiment across the broader domestic T&D procurement cycle has weakened.
Impact level
● Medium
Affected assets
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▼ Bearish
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A Ministry of Finance memo dated June 24 granted a two-year exemption to four Chinese power transmission and distribution companies, allowing them to participate in tenders issued by state-run entities. Previously, only TBEA had received a one-year approval earlier this year, with a minimum 50% local-content condition for reactor-category bids. The policy shift is seen as intensifying competition in India’s T&D equipment market, potentially weighing on order wins and pricing power for local leaders such as GE Vernova T&D, Hitachi Energy India and CG Power. On July 3, the three stocks fell 6.8%–9%, while GE Vernova extended its losing streak to nine straight sessions for a total decline of 17%.
