GE Power bags Rs 7.7 crore order from Mangalore Refinery, shares up 66% in one month

GE Power shares have been on a tearaway rally, skyrocketing 66 percent over the past month.

GE Power India bagged an order worth Rs 7.67 crore from Mangalore Refinery and Petrochemicals, leading its share price to jump almost six percent in trade on July 10.

The order is for the supply of main turbines in Mangalore Refinery and Petrochemical's plants. This will be executed in 18 months.

GE Power shares have been on a tearaway rally, skyrocketing 66 percent over the past month, with around half the gains coming in the past five sessions.

At 12.30 pm, shares of GE Power were quoting Rs 557, up 3.7 percent on the NSE despite a negative market sentiment.

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On July 8, GE Power India rose almost eight percent after bagging an order from NTPC, a major power producer. The order, involving supplying main turbine spares for the NTPC Talcher plant, is valued at Rs 1.87 crore. The firm will complete the order in around 10 days.

Earlier in June, the company secured a Letter of Intent (LoI) for a contract valued at Rs 243.46 crore from NTPC GE Power Services (NGSL).

The contract involves the renovation and modernisation of LMZ Steam Turbines at Wanakbori Thermal Power Station (TPS) Unit No. 1 and Unit No. 2, each with a capacity of 210 MW.

The project aims to enhance the heat rate efficiency and extend the operational life of these units, GE Power India said in a regulatory filing.

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