India, Sept. 22 -- India's power transmission and distribution sector has been in the middle of a multi-year capex upcycle, driven by the country's push to evacuate rapidly growing renewable capacity and modernise an ageing grid. EPC contractors who also manufacture their own core components, like conductors and towers, have generally been better placed to win and execute large projects on time than those who depend on external suppliers. Backward integration of this sort has become less of a nice-to-have and more of a competitive necessity in the segment.

Shares of Transrail Lighting Ltd. closed at Rs. 474.00, up 14.44 percent from previous close of Rs. 414.20. The stock opened at Rs. 420.00, reaching an intraday high of Rs. 485.00 and...