Shares of GE Power India Ltd surged nearly 8% on Wednesday, a day after the company announced in an exchange filing that it received a Rs 25 crore purchase order from the metals-to-oil conglomerate Vedanta Ltd.
The General Electic-owned company informed the exchanges on September 12 that it received a purchase order from Vedanta to implement NOX reduction measures at the latter’s Lanjigarh Combined Gas Power Plant (CGPP) unit.
The order pertains to the combustion modification of the boiler at the 90MW (3×30 MW) CGPP unit. The contract has a base value of Rs 25 crore or $3 million (plus 18% GST) and is to be executed in 14 months.
At 11:30 am, shares of GE Power India were trading at Rs 178.85, up Rs 9.50, or 5.61% from the last closing price on the National Stock Exchange (NSE). The scrip is trading 9.67% below its 52-week high of Rs 198 and 83.53% above its 52-week low of Rs 97.45.
GE Power India is a power generation and transmission equipment manufacturer with diverse business divisions, including air quality control systems, services, and automation and control.
The company had earlier received a Rs 62.5 crore order from Steag Energy Services India for renovating and modernising three boilers of the 4X600 MW Thermal Power Plant of Vedanta at Jharsuguda, Odisha.