Shares of GE Power India soared on Friday morning after the company announced it won a ₹243 crore contract from NTPC GE Power.

What Happened: GE Power said it won a ₹243.46 crore contract from NTPC GE Power Services, a joint venture between NTPC and GE Power. The contract is for the renovation and modernization of steam turbines. The project has to be completed within 33 months. 

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In the exchange filing, the company said NTPC GE Power participated in the bid as lead bidder while GE Power joined in as joint venture and consortium partner. 

GE Power India in its March quarter results, reported a net profit of ₹25.94 crore compared to the net loss of ₹129.70 crore in the previous year. The company’s revenue rose 13.43% to ₹390.76 crore. The company ended the quarter with an order backlog of ₹3309 crore, down by 8.5% from ₹3615.3 crore in the previous year.

Price Action: Shares of GE Power was up 3.80% at ₹408.20 on Friday morning. 

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