The shares of an Infrastructure Developers & Operators company, specialzing in the business of engineering, procurement & construction (EPC) of key equipment for thermal and hydro power plants, jumped upto 3 percent upon receiving an additional contract worth Rs. 273.5 crores from Greenko KA01 IREP Pvt. Ltd.
Price action
With a market capitalization of Rs. 1,631.61 crores on Friday, the shares of GE Power India Limited jumped upto 2.7 percent, making a high of Rs. 252.00 per share compared to its previous closing price of Rs. 245.15 per share.
What Happened
GE Power India Limited, engaged in providing EPC services, has provided an update on its contract with GREENKO KA01 IREP Pvt. Ltd, initially awarded on April 29, 2022. The contract, valued at approximately Rs. 8,634 million (863.4 crores) for the design, manufacturing, and supply of an electro-mechanical package for the Saundatti Pump Storage Project (3 x 320 MW + 2 x 160 MW turbines) in Karnataka.
Furthermore, now the company has received an additional domestic order for the same project, valued at Rs. 2,735 million (273.5 crores) for the engineering, manufacturing, procurement, supply, installation, and testing of electro-mechanical equipment for an additional one 320 MW unit at the Saundatti PSP and is to be completed by November 22, 2027.
About the company
GE Power India Limited is a leading provider of integrated power solutions, offering a wide range of engineering, procurement, and construction (EPC) services for the power sector. The company specializes in delivering high-performance equipment and services for power plants, including turbines, generators, and electro-mechanical systems.
Financials
The company’s revenue declined by 29.9 percent from Rs. 491.24 crore to Rs. 344.29 crore in Q3FY24-25. Meanwhile, Net profit rose from a profit of Rs. 0.37 crore to a loss of Rs. 18.58 crore during the same period.
Written by Sridhar J
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