GE Power India stock spikes over 11.5% to hit 34-month high on ₹775 crore order win

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GE Power India, a prominent player in India's power generation equipment market, witnessed an 11.8% surge in its shares, reaching a 34-month high of ₹371 apiece in today's intraday trading session following the announcement of significant orders. This uptrend marks the stock's sixth consecutive trading session of gains, totaling a cumulative increase of 45%. In a regulatory filing on Wednesday, the company said that it secured orders from Jaiprakash Power Ventures worth ₹774.9 crore.

The orders are for D&E and supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant at Nigrie, worth ₹490.5 crore, and the Bina Thermal Power Plant at Bina, worth ₹284.4 crore, as per the company's exchange filing. Also Read: Vedanta share price scales 52-week highs: 3 key reasons leading to the gains for the stock In addition, in March, the company secured a contract valued at ₹24 crore from NTPC to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. Another contract worth ₹8.75 crore was awarded to GE Power by Hindustan Zinc for supplying boiler firing systems.

Since March 2023, the company's shares have seen a one-way surge, resulting in a massive gain of 254%. However, they are still 66.50% below their all-time high of ₹1,048 per share, reached in January 2018. Also Read: DMart shares jump over 5% to hit 52-week high after strong Q4 business update In Q3 FY24, the company achieved profitability, posting a modest net profit of ₹37 lakh, supported by a fall in expenses.