GE Power Shares Surge 2% on Tata Power Order for Turbine Generation Services

26 Feb 2024 , 02:26 PM

Shares of GE Power rose nearly 2% on the NSE on February 26, following an order from Tata Power for turbine generation. At the time of writing, the stock was trading at ₹306.05 which is a 3.59% increase from the previous close.

On February 25, GE Power announced in a regulatory filing that Tata Power had awarded them an order for turbine generator services, including overhaul and other works.

The project’s base value is ₹6.75 Crore, with an estimated completion time of 55 days.

In Q3FY24, GE Power India reported a marginal net profit of ₹37 Lakh, contrasting with a net loss of ₹139.9 Crore in the previous fiscal year. Total income for the company decreased to ₹491.2 Crore from ₹544.5 Crore a year ago.

During an earnings call, management attributed the revenue decline to lower orders in previous quarters and project delays. They noted slow progress in claims settlement but highlighted a 56% increase in service business orders quarter-on-quarter. Over the past year, GE Power stocks have surged by over 162%.

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