 "GE Power up 7% on getting extension for supplying boiler parts to MP Power")
GE Power India shares gained 7.4 per cent in trade and logged an intraday high of Rs 456.7 per share on BSE. The counter saw buying after the company received an extension of a purchase order for an amount of Rs 18.27 crore from MP Power Generating Co. Ltd.
Around 9:43 AM, GE Power share price was up 3.83 per cent at Rs 441.5 per share on BSE. In comparison, the BSE Sensex was down 0.28 per cent at 81,906.96. The market capitalisation of the company stood at Rs 2,994.98 crore. The 52-week high of the stock was at Rs 646.55 per share and the 52-week low was at Rs 215.9 per share.
"In furtherance to the receipt of a purchase order from MP Power Generating Co. Ltd. intimated on October 1, 2024, we would like to notify you that GE Power India Limited has received an extension of a purchase order for an amount of INR 182.7 million (excluding 18 per cent GST)," the filing read.
The extension of the order is for the supply of boiler parts at Sanjay Gandhi Power Station and the project has to be completed in 3.5 months.
It should be noted that on October 1, 2024, GE Power received an order from MP Power Generating Co. Ltd for the supply of boiler parts and now the company has received an extension.
GE Power India Limited, a subsidiary of GE Steam Power International BV, specializes in engineering, procurement, manufacturing, construction, and servicing of power plants and equipment across India.
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The company offers a diverse range of products and services, including steam generators, boilers, mills, air quality control systems, and automation and control solutions. With manufacturing facilities in Durgapur, West Bengal, and Noida, Uttar Pradesh, GE Power India supports both domestic and global gas projects by providing engineering, procurement, and construction services.
In the fiscal year ending March 2024, the company reported revenue of approximately $195.57 million, despite facing a net loss of around $20.67 million.
In the past one year, GE Power shares have gained 79.44 per cent against Sensex's rise of 15 per cent.