The shares of this smallcap company surged around 5 percent after receiving an order worth Rs. 1.75 crores from Gujarat State Electricity Corporation Limited. On a YTD basis, the stock has delivered a multibagger return of 113 percent to its shareholders.
Price Movemnet:
With a market capitalization of Rs. 3,146 crores, the shares of GE Power India Ltd started Thursday’s trading session on a lower note at Rs. 455 compared to its previous close of Rs. 466.05. During the trading session, the shares hit a high of Rs. 489.35, gaining around 5 percent and are currently trading at Rs. 487.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had received a Letter of intent from Gujarat State Electricity Corporation Limited for Inspection Works of a Turbine Generator at GSECL Wanakbori TPS worth Rs. 1.75 crores.
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Financials:
Looking at the company’s financial performance, the revenue decreased by 14 percent from Rs. 456.22 crores during the December quarter to Rs. 390.76 crores in the March quarter. On the other hand, the net profits magnified from Rs. 37 lakhs to Rs. 25. 94 crores during the same timeframe.
Order Book:
The company holds a backlog of orders totalling Rs. 3,437 crores, predominantly from steam services, with additional orders received from the FGD, Hydro, and Gas segments.
Recent Developments:
Earlier, GE Power received a purchase order from NTPC Limited for the supply of Main Turbine Spares at NTPC Talcher worth Rs. 18.71 million (Rs. 1.87 crores).
Moreover, the company had also received a letter of intent from NTPC GE Power Services Pvt. Limited (a joint venture company between NTPC Limited, India and GE Power Systems GmbH, Germany.) worth Rs 243.46 crore for renovation and modernization of LMZ steam turbine of Wanakbori for Heat Rate (Efficiency) improvement & life extension.
Further, it also received multiple orders from NTPC and Maharashtra State Power Generation Company Limited for the Servicing of Generator and Supply of Reheater rear pendent coils assembly totalling around Rs. 12 crores.
Shareholding Pattern:
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.
Company Profile:
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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