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GE Power Surges to 52-Week High After Receiving Significant Order

16 July 20243 mins read by Angel One
GE Power India Ltd. emerged as a bright spot, surging to a fresh 52-week high on Wednesday. The company's shares rallied as much as 12% after receiving a Rs 7.7 crore
GE Power Surges to 52-Week High After Receiving Significant Order
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Indian benchmark indices experienced a sharp sell-off on Wednesday. The NSE benchmark Nifty and BSE benchmark Sensex declined by 0.82% and 0.88%, respectively. Except for Nifty FMCG, all other sectors were trading in the red, led by Nifty Auto, which dropped over 2%.

The broader markets also faced a sell-off, with the Nifty Midcap and Smallcap 100 indices trading down by 0.81% and 1.18%, respectively.

GE Power India: A Beacon Amid Market Downturn

Amidst this market turbulence, GE Power India Ltd. emerged as a bright spot, surging to a fresh 52-week high on Wednesday. The company’s shares rallied as much as 12% after receiving a Rs 7.7 crore order from Mangalore Refinery and Petrochemicals Ltd.

Trading Highlights

GE Power India’s stock opened at Rs 542 on Wednesday, touched a low of Rs 503 during the day, and is currently trading near its day’s high, marking a 52-week high.

Details of the Order

In an official release, GE Power India announced that it has received a purchase order from Mangalore Refinery and Petrochemicals Limited, with details provided in the accompanying annexure. The order involves the supply of main turbines for Mangalore Refinery and Petrochemicals’ plants, with execution planned within 18 months.

Company Expertise and Recent Achievements

GE Power India is renowned for its expertise in engineering, manufacturing, project management, and supplying products and equipment for power plants. The company operates across the entire power plant lifecycle, from design and procurement to construction and servicing.

Recently, GE Power India secured another significant order from NTPC, India’s leading power producer. This order, valued at Rs 1.87 crore, involves supplying main turbine spares for the NTPC Talcher plant.

Impressive Stock Performance in 2024

In 2024, GE Power India’s shares surged by an impressive 164%, reflecting strong market confidence and the company’s robust performance. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.

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