GE Power India climbs 3% on electrical and mechanical works contract in Malaysia
GE Power India will be responsible for the design, manufacture and supply of the main electro-mechanical equipment.
December 24, 2018 / 11:58 AM IST
GE Power India shares gained more than 3 percent intraday on Monday after the company bagged electrical and mechanical works contract in Malaysia.
"The consortium of GE Power India, GE Hydro France, GE Renewable Malaysia Sdn. Bhd. and Sinohydro Corporation (M) Sdn. Bhd. has been awarded the order for the main electrical and mechanical works for the 1285MW Baleh Hydroelectric Project in Sarawak, Malaysia by SEB Power Sdn. Bhd," the company said in its filing.
The total value of the contract is approximately MYR 595 million and $159 million.
"The value of the order for the Company is approximately $98.4 million exclusive of taxes (i.e. approximately Rs 689 crore)," GE Power said.
The company will be the leader of the consortium and will be responsible for the design, manufacture and supply of the main electro-mechanical equipment involving five 257MW Francis turbines as well as part of the balance of plant equipment for the Baleh Hydroelectric project.
At 11:48 hours IST, the stock was quoting at Rs 840.00, up Rs 17.85, or 2.17 percent on the BSE.