GE Power energized with BHEL order

GE Power India today rose over 7% to an intra day high at Rs.484.55. Its 52-week high and low stands at Rs.702 and Rs.440.50 respectively.

The company announced today morning that it had been awarded a contract worth approximately Rs.271 crore by Bharat Heavy Electricals Limited (BHEL) to supply components and services for two thermal projects.

One is for the supercritical steam generator island packages for 2x800 MW coal-based Uppur Thermal Power Project and the other is for 1x800MW coal-based North Chennai Supercritical Thermal Power Project Stage-III. Both the thermal power projects are located in the southern state of Tamil Nadu. This is in line with the government's focus on upgrading the power infrastructure in the country.

The company did not have a very good Q2FY17, wherein on a 10% (YoY) drop in net sales at Rs.478 crore, the company reported a net loss at Rs.97 crore, which is double the loss of Rs.48 crore it had posted in Q2FY16.

After the takeover by Alstom, currently Alstom India holds 68.56% stake with GE Energy Europe holding some 13,000-odd shares.