In a notable development, shares of GE Power India soared by 11 percent on April 4, reaching a peak of Rs 369 per share on the NSE. The surge came after the company announced the acquisition of two significant orders valued at Rs 774.9 crore from Jaiprakash Power Ventures.
According to a regulatory filing by GE Power, the orders entail the dilation and evacuation, as well as the supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant located in Nigrie, and the Bina Thermal Power Plant situated in Bina, both in Madhya Pradesh.
The order for the Nigrie Super Thermal Power Plant, valued at Rs 490.5 crore, is slated to be completed within a timeline of 33 months, while the order for the Bina Thermal Power Plant, worth Rs 284.4 crore, is set to be completed within a 30-month period.
Furthermore, GE Power disclosed that the proposed spin-off of its energy business was successfully executed on April 2, 2024. As a result, the ultimate holding of GE Power India has transitioned from General Electric Company to GE Vernova Inc. However, there has been no update on the depromoterization of GE Power India Ltd as of yet, the company noted.
In a series of recent successes, GE Power has secured notable contracts, including one from NTPC for generator spares and turbine blades, valued at Rs 24 crore, and another from Hindustan Zinc Ltd for the supply of boiler firing systems, amounting to Rs 8.75 crore.
As a result of these achievements, GE Power shares surged by 5% to Rs 349.80 on the National Stock Exchange (NSE) as of 11:17 am on April 4. Trading activity reflected investor confidence, with a total of 26 lakh shares changing hands on BSE and NSE combined, surpassing the 1-month average trading volume of 4 lakh shares.
Year-to-date, GE Power shares have demonstrated remarkable performance, rallying over 50%, significantly outpacing the benchmark Nifty 50, which has seen a modest 3% increase during the same period.
It’s worth noting that both BSE and NSE have placed GE Power stock under the long-term ASM (Additional Surveillance Measure) framework. This move aims to alert investors about potential high volatility in share prices and ensure prudent investment decisions.
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