GE Power Shares Jump Over 11% To Near Three-Year High On Order Win
The order will be executed in 30 months. The total value of the contract is Rs 490.5 crore, and the base value of the order is Rs 284.4 crore.
Shares of GE Power India Ltd. surged to near three-year high on Thursday after it secured two orders worth Rs 774.9 crore from Jaiprakash Power Ventures Ltd.
The company has secured orders for dilation and evacuation, and supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant at Nigrie and Bina Thermal Power Plant at Bina in Madhya Pradesh, according to an exchange filing.
The order will be executed in 30 months. The total value of the Nigrie contract is Rs 490.5 crore and the base value of the Bina order is Rs 284.4 crore, the filing said.
Shares of the company rose as much as 11.86% to Rs 371.00 apiece, the highest level since June 22, 2021. It pared gains to trade 4.27% higher at Rs 345.80 apiece as of 9:40 a.m. This compares to a 0.28% advance in the NSE Nifty 50.
The stock has risen 189.92% in past 12 months. Total traded volume so far in the day stood at 23 times its 30-day average. The relative strength index was at 73.19, which implied the stock is overbought.