GE T&D India has informed that the operations at the company's Plant situated at Vadodara, Gujarat, have been disrupted due to heavy rain fall & water logging.
The company is in the process of ascertaining the loss/damage caused due to aforesaid disruption. While the loss is covered under insurance policy, the loss amount shall be ascertained after survey, the firm stated.
"The company is taking adequate steps to ensure resumption of operations of the plant at the earliest, GE T&D India said in a statement.
The scrip of GE T&D India was currently trading with a gain of 1.71%, at Rs 1704 as value buying emerged at lower levels.
The scrip had declined 2.55% in the past two sessions to end at Rs 1675.35 on the BSE
GE T&D India is the listed entity of GE Vernovas Electrification business in India. With over 100 years of presence in the country, GE T&D India is a leading player in the power transmission and distribution business.
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The companys profit after tax was at Rs 134.5 crore as against Rs 28.2 crore in the quarter ended June 2023. Revenue was Rs 960 crore, against Rs 720 crore in the quarter ended June 2023, up 34.0%.
On the technical front, the stock's daily RSI (relative strength index) stood at 52.411. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On daily chart, the stock is trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1634.77, 1403.78 and 1025.22, respectively.
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