Shares of GE Power surged up close to 4% on Monday after the company bagged the order from the Tata Group company.
What Happened: The company on Sunday informed the exchanges of receiving a purchase order from Tata Power Company Limited. As per the filing, the order is for the services towards overhaul and other works as per the work order, for the Turbine Generator.
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The contract is worth around ₹6.75 crore (exclusive of taxes). The contract is to be executed within two months. Earlier in the month, the company announced bagging an order from Lanco Anpara Power Limited. The order is worth around ₹5.46 crore.
The company’s revenue for the December quarter dipped around 10% to ₹491.24 crore as compared to the ₹544.51 crore revenue posted in the same quarter last year. However, the company swung to a profit in the quarter. Profit for the quarter stood at ₹37 lakh as opposed to a ₹139 crore loss in the same period last year.
Price Action: GE Power shares were up 3.45% to trade at ₹305.65 shortly after market open on Monday.
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