Multibagger power stock rises 15%, hits 52-week high on order win from MRPL; check details 

Shares of GE Power India rose over 15% to their 52-week high today after the power generation and transmission equipment maker said it received a purchase order from Mangalore Refinery and Petrochemicals Limited. 

The multibagger power stock gained 15.55% to Rs 620 against the previous close of Rs 536.55 on BSE. Market cap of the firm rose to Rs 4,040 crore. The firm saw 1.21 lakh shares changing hands amounting to a turnover of Rs 6.94 crore on BSE.   

The share fell to a 52-week low of Rs 154.50 on July 14, 2023.  

In terms of technicals, the relative strength index (RSI) of GE Power stands at 83.4, signaling it's trading in the overbought zone. The stock has a beta of 1.1, indicating high 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 given multibagger returns of 269.62% in a year and risen 160% in 2023. The stock has gained 259% in two years. 

The order relates to the supply of main turbine spares at Mangalore Refinery and Petrochemicals Limited. It is worth Rs 7.66 crore (plus GST 18%). The order is to be executed in 18 months.  

GE Power India reported a consolidated net profit of Rs 25.94 crore in the March 2024 quarter on the back of higher revenue. The company reported a loss of Rs 129.70 crore in March 2023 quarter. Total income climbed to Rs 469.89 crore in Q4 from Rs 359.43 crore in the corresponding period a year ago.

Order backlog stood at Rs 3,309 crore, down 8.5 per cent in Q4 compared to Rs 3,615.3 crore in March 2023.

GE Power India's operations includes a composite range of activities viz. engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment.