New Delhi, April 20 -- Domestic brokerage firm Motilal Oswal, in its latest report, has initiated coverage on select transmission and distribution (T&D) stocks, citing expanding capital expenditure, growing order books, and an increasing share of high-voltage direct current (HVDC) projects.

Apart from rising domestic demand, the brokerage highlighted a sharp increase in transformer demand in international markets, driven by renewable energy integration, data centre expansion, industrial electrification, electric vehicle (EV) charging infrastructure, and the urgent need to replace ageing infrastructure.

This has led to increased reliance on imports and higher transformer prices, with domestic manufacturers expected to capitalise on the o...