GE Power India Surges 11% on ₹774.9 Crore Orders from Jaiprakash Power Ventures

4 Apr 2024 , 01:39 PM

GE Power India’s shares surged by 11% on April 4, reaching a 52-week high of ₹369 apiece on NSE. The surge followed the company securing two orders worth ₹774.9 Crore from Jaiprakash Power Ventures. At the time of writing on April 4, GE Power shares were trading at Rs351.400 on NSE, marking a 6.08% increase from the previous close.

These orders involve dilation and evacuation, along with the supply of wet limestone-based FGDs for the Nigrie and Bina Thermal Power Plants in Madhya Pradesh. The Nigrie order is valued at ₹490.5 Crore and is slated for completion within 33 months, while the Bina order worth ₹284.4 Crore is to be completed within 30 months.

GE Power India recently completed the spin-off of its energy business on April 2, 2024, with the ultimate holding changing to GE Vernova Inc. Additionally, the company secured a contract from NTPC for generator spares and turbine blades, valued at ₹24 Crore, and a contract worth ₹8.75 Crore from Hindustan Zinc Ltd for boiler firing system supply.

The trading volume surged, with 26 lakh shares exchanged on BSE and NSE combined, surpassing the 1-month average volume of 4 lakh shares. Year-to-date, GE Power shares have surged over 50%, outpacing the benchmark Nifty 50’s growth of around 3%. Both BSE and NSE have placed GE Power stock under the long-term ASM framework to alert investors about potential high volatility.

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