GE Vernova T&D India Ltd. bagged an order worth over Rs 400 crore from Sterlite Grid 32 Ltd. for supply and supervision of high-voltage equipment for tariff-based competitive-bidding project, according to an exchange filing on Thursday.
The heavy electrical equipment company will supply and supervise HV equipment for the TBCB project. The time period for execution of the contract is two years, it said.
Earlier this month, the firm also bagged an order worth Rs 400 crore from Sterlite Power for the supply of power transformers and reactors. The company will supply and supervise 765-kilovolt power transformers and reactors for Khavda.
Grid Equipments Pvt., the promoter of GE Vernova T&D India, offloaded 2.14 crore shares or 8.38% stake including the green-shoe option in November.
Share of GE Vernova rose as much as 4.73% during the day to Rs 2,150 apiece on the National Stock Exchange. It closed 2.83% higher at Rs 2,110.90 per share, compared to a 0.22% decline in the benchmark Nifty. The share price has advanced 299.41% on a year-to-date basis.
Five out of the six analysts tracking the company have a 'buy' rating on the stock and one suggests 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 2.6%.
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