GE Power Stock Soars To Two-Year High After Winning Rs 22 Crore Order
The order includes design, engineering, manufacture, shop fabrication, assembly, testing and commissioning for two 525MW units.
Shares of GE Power India Ltd. surged to highest in over two years on Monday after it won an order for combustion modification of boilers for two units of Maithon Power Ltd.
The Rs 22.2-crore order includes design, engineering, manufacture, shop fabrication, assembly, testing and commissioning for two 525-megawatt units. The project is expected to be completed within 22 months, according to an exchange filing on Friday.
On the NSE, GE Power's stock rose as much as 7% to 286.40 apiece, the highest since Dec. 13, 2021. It was trading 3.01% higher at Rs 275.70 apiece, compared to a 0.04% advance in the benchmark Nifty 50 as of 10:27 a.m.
The share price has risen 101.90% in the last 12 months. The total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 79, indicating the stock may be overbought.
