GE Power India surges after securing new order

GE Power India jumped 6.34% to Rs 480.50 at 10.25 IST on BSE after the company said it has secured a contract worth about Rs 271.1 crore from Bharat Heavy Electricals.

The announcement was made before market hours today, 30 December 2016.

Meanwhile, the S&P BSE Sensex was up 185.17 points or 0.7% at 26,551.32.

On the BSE, 1,336 shares were traded on the counter so far as against the average daily volumes of 1,393 shares in the past one quarter. The stock had hit a high of Rs 484.55 and a low of Rs 471 so far during the day.

The stock had hit a 52-week high of Rs 702 on 4 January 2016 and a 52-week low of Rs 440.50 on 21 November 2016. The stock had underperformed the market over the past one month till 29 December 2016, declining 1.98% compared with the Sensex's 0.11% fall. The scrip had also underperformed the market over the past one quarter declining 17.84% as against the Sensex's 5.25% fall.

The mid-cap company has equity capital of Rs 67.23 crore. Face value per share is Rs 10.

GE Power India announced that it has been awarded a contract worth about Rs 271.1 crore by Bharat Heavy Electricals (Bhel) to supply components and services for the supercritical steam generator island packages.

The first package is for 2x800 megawatts (MW) coal-based Uppur thermal power project (contract value about Rs 162.6 crore) and the second package is for 1x800 MW coal-based North Chennai supercritical thermal power project stage-III (contract value about Rs 108.5 crore).

Both the thermal power projects are located in Tamil Nadu. This is in line with the government's focus on upgrading the power infrastructure in the country.

GE Power India reported net loss of Rs 97.10 crore in Q2 September 2016, higher than net loss of Rs 48.02 crore in Q2 September 2015. Net sales declined 9.8% to Rs 477.65 crore in Q2 September 2016 over Q2 September 2015.

GE Power India is engaged in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources.

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