GE Power India Shares Surge on ₹7.7 Crore Mangalore Refinery Order

11 Jul 2024 , 03:20 PM

On Wednesday, July 10, shares of GE Power India Ltd. experienced an 8% rise following the announcement of a ₹7.7 crore order from Mangalore Refinery and Petrochemicals Ltd.

As of July 11, 2024, at 2:58 pm, GE Power shares were trading at ₹633.50, reflecting a 6.03% increase from the previous day’s close. Over the past year, GE Power shares have surged by 299%, with a 178% increase since the beginning of the year.

GE Power India confirmed receiving a purchase order from Mangalore Refinery and Petrochemicals Ltd. for the supply of main turbines. This order is expected to be fulfilled within 18 months.

In addition to the Mangalore order, GE Power recently obtained an order from NTPC worth ₹1.87 crore for supplying main turbine spares to the NTPC Talcher plant.

GE Power India’s expertise encompasses engineering, manufacturing, project management, and providing products and equipment for power plants, spanning the entire power plant lifecycle from design to servicing.

GE Power, previously known as GE Energy, was an American energy technology firm under General Electric (GE). In April 2024, GE spun off GE Power into an independent entity named GE Vernova. This move marked the end of General Electric as a conglomerate, as it shifted its focus to aviation and rebranded as GE Aerospace.

GE Power Systems, a division of General Electric, specialized in power generation technology, energy services, and energy management. It also offered solutions related to oil and gas, distributed power, and energy rentals. Initially based in Schenectady, NY, the unit relocated to Atlanta, GA, in 2000.