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NTPC, India's largest power generator, and Power Grid, which runs most of the inter-state transmission network.
Generates and transmits electricity. Both are state-controlled utilities with regulated returns, a small single-digit share of the index.
Power demand is rising with AC use, data centres and manufacturing, and renewables need new transmission lines - both companies sit in the path of that capex.
Regulated return on equity gives steady, bond-like earnings and dividends. Growth comes from new capacity: renewables and nuclear at NTPC, new lines at Power Grid.