GE T&D India Shareholders Approve Name Change

Shareholders of GE T&D India have approved a proposal to change the company's name to GE Vernova T&D India Ltd, an exchange filing said on Thursday.

The proposal was approved by the shareholders at the company's 68th Annual General Meeting held on Sept. 4, 2024, the filing said.

"This is in continuation to...earlier intimation...about the proposal of change of name from GE T&D India to GE Vernova T&D India. The proposal was approved by the shareholders of the company at the AGM," it said.

An approval from the Registrar of Companies has also been received in this regard on Wednesday.

GE Vernova T&D India is a leading player in the power transmission and distribution business.

Earlier, on Sept. 18, the company announced that its promoters Grid Equipments Pvt. and GE Grid Alliance BV will sell 11.7% stake in the company, through offer for sale with a greenshoe option of 3.9%.

On Sept. 12, GE T&D India announced that it has bagged orders from Grid Solutions Middle East FZE, Dubai, and Grid Solutions SAS, France, for supply of high-voltage products.

The company reported a multi-fold rise in its net profit to Rs 134.5 crore during the June 2024 quarter, mainly on account of higher income. The company's total income rose to Rs 970.1 crore from Rs 729.5 crore a year ago.

Shares of GE T&D closed 3.36% lower at Rs 1,875 apiece, compared to a 0.89% decline in the NSE Nifty 50 Index.

Two out of the five analysts tracking the company have a 'buy' rating on the stock, three recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.6%.