GE Power surges on bagging orders worth Rs. 8,183 million

EPC and power equipment manufacturing major GE Power soared by over 7 per cent on the bourses during intraday trade on Thursday as the company bagged a contract worth Rs. 8,183 million by Navayuga Engineering on January 10, 2018.

The contract involves designing, engineering, manufacturing, supplying, erecting, testing and commissioning of 80MW capacity vertical full Kaplan Turbine generator units and manufacturing of all the associated auxiliary and ancillary equipment for Navayuga Engineering.

Following the development, GE Power hit its 52-week high of Rs. 915 per share and also recorded a spurt in volume by over 3.75 times than its average volume on BSE on January 11, 2018. The company's stock has surged by over 79 per cent since January 1, 2017.

In the second quarter of the fiscal year 2018, the company had posted a 106 per cent hike in its net profit to Rs. 6.56 crore against a net loss of Rs. 97.10 crore in the same quarter of the previous fiscal year. The company had also posted over 100 per cent hike in its net profits for the fiscal year 2017 on a yearly basis.

On Thursday, at 14:20 hours IST, the stock was trading at Rs. 889 per share, higher by 4.34 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 34,543.43 level, higher by 0.32 per cent and NSE Nifty 50 was trading at 10,657.70 level, higher by 0.24 per cent, respectively.