Shares of GE Vernova T&D India soared more than 11% on Monday after the company announced it had bagged a major contract from AESL Projects Limited for the design and establishment of a 2,500 MW High Voltage Direct Current (HVDC) VSC Terminal Station.
The project, aimed at evacuating renewable power from Khavda to South Olpad, marks the company’s largest order in over a decade.
According to the company’s filing with the exchanges, the contract involves the design, supply, and execution of HVDC VSC Terminal Station comprising two units of 1,250 MW each. Notably, the project will be executed over multiple years and AESL Projects Limited is a subsidiary of Adani Energy Solutions Ltd.
The project will facilitate the evacuation of renewable power from KPS 3 at Khavda to South Olpad.
The scrip rose as much as 11.10% to Rs 3,251.80 apiece. It pared gains to trade 8.18% higher at Rs 3,166.40 apiece, as of 09:58 a.m. This compares to a 0.62% advance in the NSE Nifty 50 Index.
It has risen nearly 50% in the last 12 months. Total traded volume so far in the day stood at 9.9 times its 30-day average. The relative strength index was at 61.
Out of 12 analysts tracking the company, 10 maintain a 'buy' rating, and two recommend a 'hold,' there are no 'sell' calls for the stock according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.7%
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