GE Power stock jumps 11% to hit 52-week high on bagging contracts worth Rs 774 cr; up 53% YTD

GE Power also informed that the proposed spin-off of the energy business was completed on April 2, 2024, and accordingly, the ultimate holding of GE Power India has changed from General Electric Company to GE Vernova Inc. There is no update on GE Power India Ltd depromoterization as of now, it said.

Separately, GE Power recently secured a contract from NTPC to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. The contract was valued at Rs 24 crore. The company has also bagged a Rs 8.75-crore contract from Hindustan Zinc Ltd for the supply of boiler firing system.

At 11:17 am on April 4, GE Power shares were trading at Rs 349.80 on the National Stock Exchange (NSE), up 5 percent from the previous close. So far in the day, a total of 26 lakh shares of the company changed hands on BSE and NSE combined, higher than the 1-month average trading volume of 4 lakh shares.

In year-to-date time, GE Power shares have rallied over 50 percent, massively outperforming benchmark Nifty 50, which has risen around 3 percent during this time.

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Both BSE and NSE have put GE Power stock under the long-term ASM (Additional Surveillance Measure) framework. Bourses put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

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