GE Power India shares gain 3% on orders from NTPC, BPSCL

GE Power India bags orders worth over 20 crore from NTPC, Bokaro Power Supply Company.

Shares of GE Power India gained more than 3 percent on December 28 after the company bagged a Rs 10.47-crore order from NTPC Ltd.

The order is for the procurement of spares for carrying out class-B inspection of Unit 1 GE to make a 660-MW generator at NTPC Solapur. It has to be executed within 40 weeks, the company informed in a regulatory filing.

Bokaro Power Supply Company (BPSCL) has also given an order worth over Rs 9.91 crore to GE Power India for the supply of spares for turbine generator. The order is to be executed within one year, according to a GE Power India exchange filing.

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On December 27, shares of GE Power India Limited closed marginally lower at Rs 224.00 on the National Stock Exchange (NSE). So far this year, the stock has surged around 61 percent, outperforming the benchmark Nifty 50, which has zoomed over 19 percent during this period.

Earlier in September, the power generation and transmission equipment maker received a purchase order from Vedanta. The NOX reduction order worth Rs 25 crore was from Vedanta's Lanjigarh CGPP unit which has a capacity of 90 MW (3 x 30 MW).

For the quarter ended September 2023, GE Power India reported a loss of Rs 61.99 crore before exceptional items, compared to a loss of Rs 112.6. crore a year ago. Its total income for the quarter stood at Rs 364.24 crore, down nearly 21 percent from Rs 460.07 crore last year. The quarter ended with an order backlog of Rs 3,699 crore.

The FGD (flue-gas desulfurisation) and hydro PSP opportunities are converting to orders slower than anticipated, said GE Power India Managing Director Prashant Jain.

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"For the upgrades segment, we continue to see the pipeline starting to convert into orders, especially in the De-NOx segment, but orders are still small and not able to balance out the gaps from FGD and New Build," he said.

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