Global brokerage firm Jefferies has initiated coverage on India's industrial sector, starting with Hitachi Energy India Ltd. and CG Power and Industrial Solutions Ltd.

It has given a 'Buy' rating on Hitachi Energy with a price target of ₹25,000, and a 'Hold' rating on CG Power with a target of ₹745.

Jefferies expects Hitachi Energy and Siemens Energy to record earnings per share (EPS) CAGR of 81% and 61%, respectively, over FY25-27, driven by India's power transmission and distribution (T&D) capital expenditure more than doubling during the period.

The brokerage said strong share price performance is likely to continue, aided by margin expansion and robust order inflows.

For CG Power, Jefferies estimates a more moderate 32% EPS CAGR, as weakness in its industrial segment is expected to

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