GE Power India surges after winning contract worth Rs 271 crore from BHEL

The stock surged 7% to Rs 485 on the BSE in intra-day trade

GE Power India surged 7% to Rs 485 on the BSE in intra-day trade after the company received contract worth of Rs 271 crore from Bharat Heavy Electricals (BHEL) for supply of components and services for 2 thermal power projects in Tamil Nadu.

“The company has been awarded a contract worth approximately Rs 271.1 crore (i.e. approximately US $ 40 million) by Bharat Heavy Electricals (BHEL) to supply components and services for the supercritical steam generator island packages,” GE Power India said in a BSE filing.

The said contract is for 2x800 MW coal-based Uppur Thermal Power Project (contract value approximately Rs 162.6 crore) and 1x800MW coal-based North Chennai Supercritical Thermal Power Project Stage-III (contract value approximately Rs 108.5 crore), it added.

The company said both the thermal power projects are located in the southern state of Tamil Nadu. This is in line with the government's focus on upgrading the power infrastructure in the country.

At 10:00 am; the stock was up 6% at Rs 479 as compared to 0.75% rise in the S&P BSE Sensex. A combined 15,085 shares changed hands on the counter on the BSE and NSE so far.