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GE Power stock jumps: Shares of GE Power (GEPIL) rose as much as 9.38 per cent to hit a fresh 52-week high of Rs 430 per share.
The surge in stock price came after GE Power announced that it has received a letter of Intent from NTPC GE Power Services for a project worth Rs 243 crore.
In an exchange filing, GE Power said, “We would like to notify you that GE Power India Limited has received a letter of intent from NTPC GE Power Services Pvt. Limited.”
Under the terms of order, GE Power will be responsible for renovation and modernisation of LMZ steam turbines of Wanakbori TPS unit No. 1 (210 MW) & unit No. 2 (210 MW) for heat rate (efficiency) improvement & life extension.
The order is worth Rs 2,434,636,179 crore, and it is expected to be completed in 33 months.
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Furthermore, GEPIL shall be responsible for all the critical supplies including design & engineering, testing and commissioning of the system.
At the beginning of the month, Yogesh Gupta stepped down from the role of whole-time director and chief financial officer, with effect from July 23 2024.
GE Power India Limited possesses robust expertise in engineering, manufacturing, project management, and supplying products and solutions for infrastructure. Its operations encompass a comprehensive spectrum of activities, including engineering, procurement, manufacturing, construction, and servicing.
Financial performance
In the March 2024 quarter (Q4FY24), GE Power India reported a consolidated net profit of Rs 25.9 crore, driven by increased revenue. In Q4FY23, it reported a loss of Rs 129.7 crore.
The company's total income for the fourth quarter (Q4FY24) rose to Rs 469.9 crore, up from Rs 359.4 crore in the corresponding period the previous year (Q4FY23).
The market capitalisation of GE Power is Rs 2,760.36 crore. The company falls under BSE SmallCap Index.
The 52-week low of the GE Power stock is Rs 153 per share.
At 2:18 PM, shares of GE Power were trading 4.10 per cent lower at Rs 409.20 per share. In comparison, BSE Sensex dropped 0.05 per cent at 77,437.45 levels.
