Shares of this smallcap company jumped around 3 percent in Friday’s trading session after receiving an order worth over Rs. 19.59 crores from Torrent Power.
With a market capitalization of Rs. 2,264 crores, the shares of GE Power India Ltd started Friday’s trading session on a higher note at Rs. 334.40 compared to its previous close of Rs. 330. During the trading session, the shares hit a high of Rs. 339.80, gaining around 3 percent and are currently trading at Rs. 336 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that they had received a purchase order from Torrent Power Limited for the repair and service of a Steam Turbine worth over Rs. 19.59 crores. The said order is to be executed within 89 days.
Looking at the company’s financial statements, the revenue zoomed by 29 percent from Rs. 354.21 crores during the September quarter to Rs. 456.22 crores in the December quarter. On the other hand, the net profits showcased a transition from a net loss of Rs. 61.85 crores to a net profit of Rs. 37 lakhs.
As of March 31, 2023, GEPIL’s outstanding order book position stood at Rs.3,615.30 crores. A large part of this order inflow was achieved by the mega Rs. 863.40 croreS order for the Saundatti hydropower project in Karnataka. This order was placed by the Greenko Group in the early part of FY23.
The shares have delivered a multibagger return of 154 percent to its shareholders in one year. For example, if someone had invested Rs. 1 lakh in these shares a year ago, then the worth of those shares would be Rs. 2.54 lakhs now.
According to the latest shareholding pattern, the Promoters possess a dominant 68.58 percent stake in the company. Foreign Institutional Investors (FIIs) hold a modest 0.25 percent of the shares, while Domestic Institutional Investors (DIIs) account for 3.50 percent. The remaining 27.27 percent of the shares are held by Retail investors, reflecting a diverse investor base.
Headquartered in Noida, GE Power India was incorporated in 1992. The company is engaged in the business of engineering, procurement and construction (EPC) of key equipment for thermal and hydropower plants. It is one of the leading players in the Indian power generation equipment market.
Written By Vaibhav Patil
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