GE Power India shares jumped 13% to hit one-year high; here's why

Shares of GE Power India Ltd on Wednesday extended their winning run for the fifth straight session. The stock surged 13.22 per cent to hit a one-year high of Rs 343.95. It eventually settled 9.28 per cent higher at Rs 332. At this price, the multibagger scrip has rallied 210.48 per cent in a year. That said, it has declined 59.78 per cent in the last five years.

The heavy electrical equipment firm said it has bagged a couple of contracts from Jaiprakash Power Ventures Ltd. The two contracts are worth Rs 490.5 crore and Rs 284.4 crore, respectively.

Earlier in the day, GE Power mentioned that the proposed spin-off has been completed on April 2, 2024, and accordingly, the ultimate holding of GE Power India has changed from General Electric Company to GE Vernova Inc. There is no update on GEPIL Depromoterization as of now, it added.

Separately, it has recently secured a contract from NTPC Ltd to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. The contract was valued at Rs 24 crore. GE Power has also bagged a contract, worth Rs 8.75 crore, from Hindustan Zinc Ltd to supply boiler firing system.

Bourses BSE and NSE have put the securities of GE Power under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

On BSE, around 2.05 lakh shares changed hands today. The figure was higher than the two-week average volume of 62,000 shares. Turnover on the counter came at Rs 6.82 crore, commanding a market capitalisation (m-cap) of Rs 2,231.95 crore.

The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 69.78. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a negative price-to-equity (P/E) ratio of 4.75. Earnings per share (EPS) stood at (-)9.22.