GE Power's stock soared by an impressive 11% to reach a new 52-week high on April 4, driven by the announcement of securing contracts valued at Rs 774 crore.

The surge in stock value reflects investor optimism following the company's recent business developments.

In a regulatory filing, GE Power disclosed that it had secured two significant orders totalling Rs 774.9 crore from Jaiprakash Power Ventures.

These orders entail the dilation and evacuation, as well as the supply of wet limestone-based FGDs (Flue Gas Desulfurization systems) for the Nigrie Super Thermal Power Plant in Nigrie and the Bina Thermal Power Plant in Bina, both located in Madhya Pradesh.

The Nigrie order, valued at Rs 490.5 crore, is slated for completion within 33 months, while the Bina order, valued at Rs 284.4 crore, is set to be completed within 30 months.

Furthermore, GE Power highlighted the completion of the proposed spin-off of its energy business on April 2, 2024.

Consequently, the ultimate holding of GE Power India shifted from General Electric Company to GE Vernova Inc.

While there is no update on the depromoterization of GE Power India Ltd, the completion of the spin-off underscores the company's strategic realignment in the energy sector.

In addition to these developments, GE Power recently secured a contract from NTPC for supplying generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar, valued at Rs 24 crore.

Furthermore, it secured a Rs 8.75-crore contract from Hindustan Zinc Ltd for the supply of a boiler firing system.

These contracts underscore GE Power's continued success in securing strategic partnerships and contracts in the energy sector.

Market response to GE Power's performance has been significant, with its shares trading at Rs 349.80 on the National Stock Exchange (NSE) at 11:17 am on April 4, marking a 5% increase from the previous close.

The heightened trading activity, with 26 lakh shares changing hands on the Bombay Stock Exchange (BSE) and NSE combined, reflects heightened investor interest in GE Power's stock amidst its recent announcements.

Year-to-date, GE Power's shares have rallied by over 50%, significantly outperforming the benchmark Nifty 50 index, which has seen a modest 3% rise.

The company's stellar performance underscores its resilience and strategic positioning in the energy sector.

Furthermore, both BSE and NSE have placed GE Power's stock under the long-term Additional Surveillance Measure (ASM) framework.

This move aims to caution investors about the potential high volatility in share prices, emphasizing the need for careful consideration when trading GE Power's stock in the current market conditions.