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Business News/ Markets / Stock Markets/  GE Power India stock spikes over 11.5% to hit 34-month high on 775 crore order win
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GE Power India stock spikes over 11.5% to hit 34-month high on ₹775 crore order win

GE Power India's stock reached a 34-month high with over 11% surge fueled by contracts from Jaiprakash Power Ventures. Since March 2023, the company's shares have seen a one-way surge, resulting in a massive gain of 254%.

GE Power India achieved profitability, posting a modest net profit of ₹37 lakh, supported by a fall in expenses. (Pixabay)Premium
GE Power India achieved profitability, posting a modest net profit of 37 lakh, supported by a fall in expenses. (Pixabay)

GE Power India, a prominent player in India's power generation equipment market, witnessed an 11.8% surge in its shares, reaching a 34-month high of 371 apiece in today's intraday trading session following the announcement of significant orders.

This uptrend marks the stock's sixth consecutive trading session of gains, totaling a cumulative increase of 45%.

In a regulatory filing on Wednesday, the company said that it secured orders from Jaiprakash Power Ventures worth 774.9 crore.

The orders are for D&E and supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant at Nigrie, worth 490.5 crore, and the Bina Thermal Power Plant at Bina, worth 284.4 crore, as per the company's exchange filing. 

Also Read: Vedanta share price scales 52-week highs: 3 key reasons leading to the gains for the stock

In addition, in March, the company secured a contract valued at 24 crore from NTPC to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. Another contract worth 8.75 crore was awarded to GE Power by Hindustan Zinc for supplying boiler firing systems.

Since March 2023, the company's shares have seen a one-way surge, resulting in a massive gain of 254%. However, they are still 66.50% below their all-time high of 1,048 per share, reached in January 2018.

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In Q3 FY24, the company achieved profitability, posting a modest net profit of 37 lakh, supported by a fall in expenses. This marks a significant turnaround from the net loss of 139.9 crore reported in the corresponding period last year.

The company concluded Q3 FY24 with an order backlog of 3,437.4 crore, down by 14.5 percent compared to 4,019.7 crore in December 2022.

GE is a prominent player in the energy sector in India, renowned for its expertise in engineering, manufacturing, project management, and the supply of products and solutions for power generation and transmission infrastructure needs.

Also Read: Suryoday SFB share price rises over 14% on strong Q4FY24 business update

Its two subsidiaries, GE Power India Limited and GE T&D India Limited, are both publicly listed on the Indian stock exchanges.

 

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 04 Apr 2024, 12:21 PM IST
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