Shares of this small-cap stock jumped 14 percent today after the company received an order from Gujarat State Electricity Corporation Limited. In the past six months, the company’s scrip has gained close to 44 percent from Rs 127.10 to the current price level.
With a market capitalization of Rs 1,220 crores, the stocks of GE Power India Limited surged around 14 percent and currently trade at Rs 182 apiece. Moreover, the company’s stock hit its fresh 52-week high mark at a price of Rs 182.80.
One of the prime reasons for the stock prices to surge today is pertaining to an order that the company bagged from Gujarat State Electricity Corporation Limited. The order is worth Rs 444 crores (plus 18% GST).
The order is with regard to the design, manufacture, engineering, packing & forwarding, and installation of the Flue Gas Desulphurisation (FGD) system. The order is decided to be executed within a period of 30 months from the date of the Letter of intent, i.e., by January 2026.
The company, in the past few financial years, has shown a decline in numbers with the operating revenues reported at Rs 1,795 crores during FY22-23, a drop of xxx percent from revenues of Rs 2,620 crores during FY21-22. Moreover, the company’s net losses which magnified from Rs 291 crores to Rs 443 crores keeping the timeframe the same.
According to the shareholding pattern data for the June 2023 quarter, the Promoters hold a 68.58 percent stake. Another major shareholding is with the retail investors which is approximately 22.52 percent.
GE Power India Limited is a company based in India that is involved in the process of manufacturing and servicing power plants as well as power equipment. The company has a wide range of business divisions including mills, boilers, air quality control systems, and many more.
Written by Amit Madnani
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