GE Vernova Bags Rs 500-Crore Contract From Power Grid
GE Vernova T&D India Ltd. has secured a Rs 500-crore order from Power Grid for the supply and installation of transformers and reactors under a bulk procurement deal, according to an exchange filing on Tuesday.
The contract, involving 765kV class transformers and reactors of various capacities, is set to be executed within 36 months.
Meanwhile, Power Grid has been declared the successful bidder under tariff-based competitive bidding for three interstate transmission system projects:
Transmission system for Rajasthan REZ Ph-V (Part-1: 4 GW) – Sirohi/Nagaur Complex. Augmentation of transformation capacity at Sirohi substation in Rajasthan. Construction of 765kV double-circuit transmission lines spanning Rajasthan and Madhya Pradesh.
Augmentation of Transformation Capacity at Banaskantha (Raghanesda) PS, Gujarat. ICT augmentation works at the existing Banaskantha (Raghanesda) Power Station.
Transmission System for Kurnool-IV REZ - Phase-I (4.5 GW). E Establishment of a new 765/400/220kV Kurnool IV Pooling Substation. Augmentation of transformation capacity at existing C'peta Substation in Andhra Pradesh. Construction of 765kV and 400kV D/C transmission lines across Andhra Pradesh and Karnataka.
Share of GE Vernova rose as much as 5% during the day to Rs 1,377.40 apiece on the National Stock Exchange. It closed 3.74% higher at Rs 1,360.90 per share, compared to a 0.17% decline in the benchmark Nifty. The share price has advanced 45.45% in the last 12 months.
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 49.7%.
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