GE Power India surge 15% to hit 52-week high on ₹7.7 cr order win from Mangalore refinery

In a stock exchange filing, GE Power India Limited said that it has received a contract from Mangalore Refinery and Petrochemicals Limited. The order pertains to the supply of main turbine spares. The scheduled time period for executing the project is 18 months.

After a gap-up opening at ₹542 apiece, the stock rallied as much as 15.28% to hit a year-high level. However, GE Power India stock pared some gains and closed at ₹600.5 per piece, up 11.84%, on the NSE.

In another exchange filing dated July 8, GE Power India Limited announced securing a significant purchase order, valued at ₹1.87 crore, from NTPC. The contract involves supplying main turbine spares for the NTPC Talcher plant, with an expected completion period of 9.5 months.

On June 28, GE Power India Limited secured purchase orders from NTPC Limited and Maharashtra State Power Generation Company Limited. The orders entail servicing generators and supplying reheater rear pendant coil assemblies for various units.

The company said the NTPC order is valued at ₹6.07 crore, while the Maharashtra State Power Generation Company order amounts to ₹5.99 crore. The orders are slated for execution over periods ranging from 6 to 13 months.

GE Power India recorded a consolidated net profit of ₹25.9 crore in quarter 4 of FY24, marking a significant turnaround from a net loss of ₹129.7 crore in the same period last year.

The numbers were also up from a net profit of ₹0.37 crore in the December 2023 quarter. GE Power India’s consolidated revenue from operations also saw a 13.4% year-on-year increase, reaching ₹390.7 crore for the period under review compared to ₹344.5 crore in the corresponding quarter of the previous fiscal.