GE Vernova Bags Order Worth Rs 400 Crore From Sterlite Power
GE Vernova share price rose as much as 2.52% to Rs 1,947 apiece on Monday on the NSE.
GE Vernova T&D India Ltd. bagged orders worth Rs 400 crore from Sterlite Power for the supply of power transformers and reactors.
The heavy electrical equipment company will supply and supervise the 765-kilovolt power transformers and reactors for Khavda, it said in an exchange filing on Monday. The company stated that it would take two years to execute the contract.
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.
In September, shares of GE Vernova T&D were locked in the lower circuit after the company announced that its promoters, Grid Equipments and GE Grid Alliance BV, would sell a 11.7% stake through an OFS, with a green-shoe option of 3.9%.
GE Vernova share price rose as much as 2.52% to Rs 1,947 apiece on Monday on the NSE. It closed 2.31% higher at Rs 1,942.9 apiece, compared to a 0.22% decline in the benchmark Nifty 50 on Monday.
It has risen 349% during the last 12 months and has advanced by 286% 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 a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 11.4%.
