04 Apr , 2024 By : Debdeep Gupta
Shares of GE Power India surged 11 percent on April 4 to hit a 52-week high of Rs 369 apiece on NSE on account of the company bagging two orders worth Rs 774.9 crore from Jaiprakash Power Ventures.
The orders are for dilation and evacuation, and supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant at Nigrie and Bina Thermal Power Plant at Bina in Madhya Pradesh, GE Power said in a regulatory filing.
The Nigrie Super Thermal Power Plant order worth Rs 490.5 crore is to be completed within 33 months, while the Bina Thermal Power Plant order worth Rs 284.4 crore is to be completed within 30 months.
GE Power also informed that the proposed spin-off of the energy business was completed on April 2, 2024, and accordingly, the ultimate holding of GE Power India has changed from General Electric Company to GE Vernova Inc. There is no update on GE Power India Ltd depromoterization as of now, it said.
Separately, GE Power recently secured a contract from NTPC to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. The contract was valued at Rs 24 crore. The company has also bagged a Rs 8.75-crore contract from Hindustan Zinc Ltd for the supply of boiler firing system.
At 11:17 am on April 4, GE Power shares were trading at Rs 349.80 on the National Stock Exchange (NSE), up 5 percent from the previous close. So far in the day, a total of 26 lakh shares of the company changed hands on BSE and NSE combined, higher than the 1-month average trading volume of 4 lakh shares.
In year-to-date time, GE Power shares have rallied over 50 percent, massively outperforming benchmark Nifty 50, which has risen around 3 percent during this time.
Both BSE and NSE have put GE Power stock under the long-term ASM (Additional Surveillance Measure) framework. Bourses put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
0 Comment