It's a powerful start for shares of electric utilities player GE T&D Limited on the bourses this morning, with the bulls charging at the counter, enthused by upbeat quarterly results and a pretty strong order book.
The stock hit the 20% upper circuit on both BSE and the National Stock Exchange, accompanied by strong volumes.
The company announced after trading hours on Tuesday that it posted a net profit of Rs 61.7 crore in the April - June 2017 quarter, as against net loss of Rs 200 crore in the corresponding quarter of the previous year.
Total sales revenue increased 40% to Rs 1260 crore in the first quarter, compared to year-ago quarter. Operating profit stood at Rs 130 crore in the first quarter of 2017-18, compared to operating loss of 170 crore in the same quarter last year.
GE T&D also announced that it bagged new orders worth Rs 1580 crore in the April - June 2017 quarter, up 99% over the year-ago quarter. The orders were from central, state utilities and private developers, the company said.
Among the key orders the company bagged are the 765 KV GIS switchyard package at Jawaharpur and 765 AIS & 400 KV GIS Substation at Obra in UP from Doosan Power Systems India Private Limited, and 765 KV AIS Substation and Transformers package at Warangal Tarif Based Competitive Bidding project from Mumbai WTR Private Limited in Telengana.
GE T&D further stated that it had successfully completed the commisioning of 400 kv AIS Substation for Jindal Steel Woks Bellary, 220 kv AIS Substation for Tamil Nadu Transmission Company and 400 kv 315 Transformer for Power Grid Corporation of India in Agra, during the April - June 2017 quarter.
GE T&D India, which has been in existence for over 100 years now, is a leading player in the Power Transmission & Distribution business with a product portfolio ranging from Medium Voltage to Ultra High Voltage (1200 kV) for Power Generation, Utility, Industry and Infrastructure markets.
With a solid workforce and six manufacturing sites, the company is fully capable of meeting the demands of the country's power generation sector even at 1200 kv Ultra Hight Voltage levels.
The stock spurted to a record high of Rs 394.80 on the National Stock Exchange this morning. On BSE, the stock touched a high of Rs 392.90. On BSE, more than 3.23 lakh shares have changed hands so far at the GE T&D counter today, as compared to average daily volume of just around 11,000 shares. On the National Stock Exchange, the counter has clocked a volume of more than 1.82 million shares so far in the session.
