The share price of GE Power India Ltd. edged higher on Tuesday after the company informed the exchanges about winning a Rs 240-crore overseas order for a hydro power project.
The order has been awarded to the company by Australia's Blue Energy Ltd.
The order is for "Design, Engineering, Procurement, Supply of Turbine, Governing, Generator, Control and Protection System up to project site," the company said in an exchange filing.
The development comes nearly three months after GE Power announced the plan to sell its hydro business to GE Power Electronics (India) Pvt, now known as GE Vernova Hydro Power India Pvt., at a premium of Rs 100.19 crore over the fair market value determined by an independent valuer.
The sale is expected to be completed in the last quarter of this fiscal, the company had said on July 11.
The order received from Blue Energy also includes the "erection, testing and commissioning of GE Vernova-supplied equipment for 100MW Super Trishuli HPP", the filing added.
The order is to be executed in 42 months, or 3.5 years, it further noted.
According to GE Power, the order will be "accounted for in accordance with the provisions of the business transfer agreement" between the company and GE Vernova for the sale and transfer of the hydro power business.
Shares of GE Power jumped as high as 1.84% to Rs 404 apiece on the NSE. It pared some of the gains to trade 1.59% higher by 1:45 pm, compared to a 0.05% decline in the benchmark Nifty 50.
The stock has gained by 75.2% on a year-to-date basis, and climbed by 141.8% over the past 12 months. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index stood at 46.3.
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