The Indian frontline indices encountered difficulties in building momentum, reflecting the lackluster global market cues. Meanwhile, broader indices, following a significant downturn in the previous trading session, continued their downward trajectory. With 1,483 shares rising on the BSE and 1,943 shares declining, the advance-decline ratio strongly remained in favour of declines.
A few small-cap stocks, in defiance of the prevailing market downturn, successfully maintained the enthusiasm of small-cap investors by displaying a robust uptrend. Notably, GE Power India Ltd was among those stocks demonstrating this resilience. On an intraday basis on Wednesday, shares of GE Power India Ltd soared nearly 8%, reaching an intraday high of Rs 182.90 per share on the BSE.
There has been a notable uptick in buying activity, driven by the company’s announcement of receiving a purchase order from Vedanta Limited valued at Rs 25 crore. Over the past six months, shares have climbed almost 60%, and they are currently trading close to their 52-week high of Rs 198 per share on the BSE.
Conversely, the company has faced challenges in achieving growth in both its revenue and profit margins over the past few quarters. Considering the company’s quarterly performance, on a consolidated basis it reported a decline of 13.72% from Rs 490.90 crore registered in Q1FY23, recording total revenue of Rs 423.57 crore in Q1FY24. Compared to the same quarter last year, the net profit for the first quarter of FY24 widened from Rs 59.02 crore to Rs 135.79 crore.
GE Power India Ltd specializes in the business of engineering, procurement, and construction (EPC) of critical equipment for thermal and hydropower plants. The company has introduced top-notch and innovative solutions to the market that provide crucial developments in the areas of energy, healthcare, and transportation infrastructure.
Keep a close eye on this stock for the upcoming sessions!
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.
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