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GE Vernova T&D India Shares Jump on Power Grid Bid
GE Vernova T&D India’s shares rose after the company announced it was the lowest bidder for a large electricity project.
The project is being developed for Power Grid Corporation of India.
It will help move renewable electricity from Barmer in Rajasthan to Maharashtra.
The system will use HVDC technology, which sends electricity over long distances.
It will have two terminal stations, each able to handle 3,000 megawatts.
The project is expected to take several years.
Being the L1 bidder usually means the company offered the lowest tender price, but it does not mean the contract is final yet.
The company also reported stronger profit and income in the June quarter, although its order bookings declined.
GE Vernova T&D India shares rose as much as 7% on the NSE, reaching ₹4,733.30 on 8 September.
The company said it emerged as the L1 bidder for a Power Grid Corporation of India project.
The project involves developing 6,000 MW of HVDC terminal capacity to transmit renewable energy from Rajasthan to Maharashtra.
The planned system will include two 3,000 MW terminal stations and be executed over multiple years.
June-quarter net profit rose nearly 25% year on year to ₹362.99 crore, while order bookings fell 30% to ₹11.4 billion.
- Who
- GE Vernova T&D India and Power Grid Corporation of India.
- What
- GE Vernova T&D India emerged as the L1 bidder for a 6,000 MW HVDC transmission project.
- Where
- The project will transmit renewable energy from Barmer II in Rajasthan to South Kalamb in Maharashtra.
- When
- The company disclosed the bid in a 7 September exchange filing; its shares rose during trading on 8 September.
- Why
- The shares rose after the company announced its preferred-bidder status for the project.
Key facts
- Share-price move
- The stock rose as much as 7% on the NSE and reached ₹4,733.30.
- Project capacity
- 6,000 MW using ±800 kV HVDC technology.
- Project route
- From Barmer II in Rajasthan to South Kalamb in Maharashtra.
- Terminal stations
- Two stations, each with 3,000 MW capacity.
- June-quarter net profit
- ₹362.99 crore, up nearly 25% year on year from ₹291.2 crore.
- June-quarter total income
- ₹1,877.98 crore, compared with ₹1,346.43 crore a year earlier.
- Order bookings
- ₹11.4 billion, down 30% year on year from ₹16.2 billion.
Sources
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