A 52-week high of Rs 369 per share was reached by GE Power India’s shares on April 4th, rising 11% as a result of the firm receiving two orders totaling Rs 774.9 crore from Jaiprakash Power Ventures.
The directives call for evacuation, dilatation, and the supply of wet FGDs based on limestone to the Bina Thermal Power Plant in Madhya Pradesh and the Nigrie Super Thermal Power Plant in Nigrie
The orders for the Nigrie Super Thermal Power Plant and the Bina Thermal Power Plant, each valued Rs 284.4 crore and Rs 490.5 crore, respectively, must be finished in 33 and 30 months.
Additionally, GE Power said that on April 2, 2024, the planned spin-off of the energy division was completed, and as a result, GE Vernova Inc. now has the majority stake in GE Power India instead of General Electric Company. It stated that there has been no update on the depromoterization of GE Power India Ltd. to date.
In a related development, NTPC recently awarded GE Power a contract to supply turbine blades to NTPC Nabinagar and generator spares to NTPC Tanda. The contract had a 24 crore rupee value.
Additionally, Hindustan Zinc Ltd. has awarded the company a Rs 8.75-crore contract for the delivery of boiler firing systems.
On April 4, at 11:17 am, GE Power shares were trading on the National Stock Exchange (NSE) for Rs 349.80, up 5% from the previous close. 26 lakh shares of the company have traded hands on the BSE and NSE combined so far today, exceeding the 4 lakh shares that have been traded on average over the past month.
GE Power shares have climbed more than 50% year to date, significantly outpacing the benchmark Nifty 50, which has increased by only 3% during this same period. GE Power shares are now covered by the long-term ASM (Additional Surveillance Measure) framework from both the BSE and the NSE. Stocks are placed under either a short-term or long-term ASM framework by bourses to alert investors to the high level of share price volatility.
