Shares of GE Power India surged over 6 percent after the company secured a Letter of Intent (LoI) for a Rs 243.46 crore contract from NTPC GE Power Services Private Ltd (NGSL).
The contract involves the renovation and modernization of LMZ Steam Turbines at Wanakbori Thermal Power Station (TPS) Unit No. 1 and Unit No. 2, each with a capacity of 210 MW. The project aims to improve heat rate efficiency and extend the operational life of these units, GE Power India stated in a regulatory filing.
The order focuses on Steam Turbine Renovation and Modernization (R&M), with a stipulated execution period of 33 months. NGSL, a joint venture between GE Power India Ltd (GEPIL) and NTPC Ltd, led the bid, with GEPIL participating as a joint venture/consortium partner.
At 9:21 am, GE Power India shares were trading 6 percent higher at Rs 416.95 on the National Stock Exchange (NSE). Over the past year, the stock has gained 150 percent, more than doubling investors’ money, while the Nifty delivered returns of around 25 percent during the same period.
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