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GE Vernova shares up 5% on ₹140 crore capex plans to expand footprint
Shares of GE Vernova T&D India rose nearly 5 per cent on Wednesday on the company's plans to invest ₹140 crore to expand the manufacturing footprint in India.
GE Vernova's stock rose as much as 4.8 per cent during the day to ₹1,778.4 per share, the highest level since February 6 this year. The stock pared gains to trade 3.7 per cent higher at ₹1,757 apiece, compared to a 0.31 per cent advance in Nifty 50 as of 1:28 AM.
Shares of the company extended gains to their sixth day and have risen by over 40 per cent from its lows of ₹1,254, which it hit early April. The counter has fallen 15 per cent this year, compared to a 4.5 per cent rise in the benchmark Nifty 50. GE Vernova has a total market capitalisation of ₹44,938.7 crore, according to BSE data.
Capex plans
The energy manufacturing firm will invest ₹140 crore ($16 million) in India to expand its electrification manufacturing and engineering footprint, it said in an exchange filing. The investment will be made specifically in advanced grid technologies that enable stable, reliable, and secure delivery of electricity, it added.
These expansions are expected to enhance manufacturing capabilities and key next-generation equipment used in modern transmission systems, the company said in the statement. These new expansions will focus on High Voltage Direct Current (HVDC) and Flexible Alternating Current Transmission Systems (FACTS) technologies, it added.
GE Vernova's Electrification equipment backlog has more than tripled over the past year, Johan Bindele, vice president of Grid Systems Integration at GE Vernova, said in the filing. "These new expansions are aimed at enhancing our capabilities in the region, helping reduce supply chain dependencies, and allowing us to deliver faster, smarter solutions to customers in India and around the world.'
About GE Vernova
The company operates in the power transmission and distribution business. The company provides a versatile and robust range of solutions for connecting and evacuating power from generation sources to the grid, offering utilities the tools needed to swiftly meet increasing demand. It offers products ranging from medium voltage to ultra-high voltage (1200 kv) for the power generation, transmission, and distribution industries.
The firm posted a nearly 3-fold jump in its net profit to ₹142.68 crore in the December quarter compared to a year ago, mainly on the back of higher revenues. The company had a net profit of ₹49.35 crore in the quarter ended on December 31, 2023. Total income rose to ₹1,099.45 crore during the third quarter against ₹834.72 crore a year ago.
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