GE Power India shares rise 8% after firm wins purchase order from Vedanta

Shares of GE Power India Ltd rose 8% in early trade today after the power generation and transmission equipment maker said it received a purchase order from Vedanta. The NOX reduction order worth Rs 25 crore is from Vedanta's Lanjigarh CGPP unit having a capacity of 90 MW (3 x 30 MW).    

GE Power shares gained 7.9% to Rs 182.90 against the previous close of Rs 169.50 on BSE. Market cap of the firm rose to Rs 1200 crore. The firm saw 0.48 lakh shares changing hands amounting to a turnover of Rs 87.86 lakh on BSE.   

The share hit a 52-week high of Rs 198 on  August 7, 2023 and a 52-week low of Rs 97.45 on March 28, 2023.  

In terms of technicals, the relative strength index (RSI) of GE Power stands at 47.6, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 0.8, indicating low volatility in a year. GE Power shares are trading higher than the 10 day, 20 day, 50 day, 100 day and 200 day moving averages. 

GE Power shares have gained 10.31% in a year and risen 29.33% in 2023. The order is to be executed in 14 months.  

GE Power India reported widening of consolidated net loss to Rs 135.79 crore in the June quarter against a net loss of Rs 59.02 crore in the year-ago quarter 

The company's total income declined to Rs 440.28 crore in the first quarter of the current fiscal from Rs 520.01 crore in the same period a year ago. 

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