GE Power gains 1.8% on turbine generator order from Tata Power

The base value of the project is Rs 6.75 crore and is expected to be completed in 55 days.

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Shares of GE Power gained nearly 2 percent at the open on the NSE on February 26, a day after the company received an order from Tata Power for turbine generation. At 9:20am, the stock was trading at Rs 300.6.

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On February 25, in a regulatory filing, GE Power reported that it had received an order from Tata Power for providing services towards overhaul and other works for turbine generator. The base value of the project is Rs 6.75 crore and is expected to be completed in 55 days.

In Q3FY24, GE Power India reported a marginal net profit of Rs 37 lakh in the December 2023 quarter against a net loss of Rs 139.9 crore in the previous fiscal. Total income for the company fell to Rs 491.2 crore from Rs 544.5 crore a year ago.

Also read: India to add 18 more N-power reactors with total capacity of 13,800 MWe by 2032: NPCIL

In an earnings call, the management said that revenue had declined due to lower orders in previous quarters as well as project delays. “Claims settlement continues to be slow. However, we continue our efforts towards them. The service business continues to grow with 56% more
orders quarter-on-quarter,” they said.

Over the last one year, stocks of GE Power have gained over 162 percent.

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