GE Power generates buzz

GE Power India, which is engaged in power generation, hit a new 52-week high today at Rs.915. Its life time high stands at Rs.1109, hit in Dec’07.

Yesterday, after market hours, the company announced that it has been awarded a contract worth approximately Rs.818 crore by Navayuga Engineering Company.

This is for Design, Engineering, Manufacturing, Supply, erection, testing and commissioning of 12 Nos., 80 MW capacity Vertical full Kaplan Turbine generator units along with all associated auxiliary and ancillary equipment.

The company had ended Q2FY8 with a turnaround with a net profit of Rs.6.5 crore on a 45% decline in net sales at Rs.262 crore.

68.58% of GE Power India’s equity is held by Alstom Finance BV.