GE T&D India shares extend gains for third straight day on securing order from Power Grid Corp

GE T&D India Ltd shares closed in the green on Thursday, May 2, extending the gains for the third straight day. The rally in the power sector stock was seen after the company announced securing a new order from the state-owned Power Grid Corporation of India Ltd.

In a filing to the stock exchanges, the power sector company said that it has bagged an order from the Power Grid Corp for setting up a State Transmission Asset Management Centre (STAMC) in Odisha. The project will be carried out for Odisha Power Transmission Corporation Limited (OPTCL) through Power Grid Corp.

The company mentioned in the release that the STAMC is being built to help OPTCL operate their grid more efficiently. As a part of the plan the substations will be remotely controlled with grid software solutions including Supervisory Control and Data Acquisition, Video Monitoring System, upon completion.

After the announcement, shares of GE T&D India Ltd gained as much as 4.85% to hit an intraday high of ₹1198 apiece on the NSE, hovering near the last 52-week high.

Shares of GE T&D India Ltd touched their previous 52-week high of ₹1,199 apiece on Tuesday, April 30.

Sandeep Zanzaria, MD and CEO of GE T&D India Ltd commenting on the new project said that the development represents a ‘major milestone’ in India’s journey towards decarbonisation.

“We are thrilled to have been selected for this important project in Odisha, which represents a major milestone in India’s journey towards decarbonization and net zero grids. Our innovative STAMC will help empower PGCIL and OPTCL to optimize their grid operations,” Zanzaria said.

GE T&D India Ltd is a listed entity of power sector major, GE Vernova.

The company’s product portfolio includes power transformers, circuit breakers, gas insulated switchgears, instrument transformers, substation automation equipment, digital software solutions, turnkey solutions for substation engineering and construction, flexible AC transmission systems (FACTS), high voltage DC (HVDC) and maintenance support.

Shares of GE T&D India Ltd closed 1.04% higher at ₹1,155.1 apiece, on the NSE.