MUMBAI, April 20 -- As India's clean energy push accelerates, electricity is increasingly being generated far from where it is consumed-across solar parks and windy coastlines. Moving that power efficiently has turned high voltage direct current (HVDC) transmission into a critical enabler.

Hitachi Energy India's move to a fresh all-time high of Rs.29,900 per share on Monday highlights growing investor interest in the power transmission space, and raises a key question: how much of the sector's growth is already priced in?

For investors, that interest has already translated into a sharp rerating. Over the past year, GE Vernova T&D India has surged 176%, while Hitachi Energy India has rallied 115%. Siemens Energy India, by contrast, has g...