16 Dec , 2024 By : Debdeep Gupta
Shares of GE Power stock surged 7.5 percent on December 16 after the company received an extension of a Rs 18.27 crore purchase order, awarded by the MP Power Generating Co.
The order which is stated to be executed within the next three and a half months, is for the supply of boiler parts at Sanjay Gandhi Power Station.
Around noon, the GE Power was trading at Rs 442 on the NSE. The upmove in the stock was also fueled by a sharp spike in trading volumes on the counter. As many as three lakh shares of the company changed hands on the exchanges thus far, already exceeding the one-month daily traded average of two lakh shares.
The stock has also delivered stellar returns in 2024 so far, as it grew nearly twofold year-to-date.
As for GE Power's quarterly performance, the company's net sales for the July-September quarter declined nearly 39 percent on year to Rs 217.42 crore as compared to Rs. 354.21 crore in the year-ago period. However, quarterly net profit rose over 8 percent to Rs 66.87 crore, up from Rs 61.85 crore in the same period last year.
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