Transformers and Rectifiers: Transformers and Rectifiers Surges 5% on INR 232-Crore PowerGrid Order
The Transformers and Rectifiers company has received the orders of 232 Cr from Power Grid Corporation. This order includes Manufacturing, Engineering and testing areas. The project deadline is 21 months from the order received day. After the news, This stock rallied 4.5% today.
Transformers and Rectifiers (India) Gains 5% on INR 232-Crore PowerGrid Order
On February 26, in early trade, shares of Transformers and Rectifiers (India) surged by 5% following a Rs 232 crore order from Power Grid Corporation of India Limited.
The order encompasses the design, engineering, manufacture, and testing at the manufacturer’s works, as well as the supply of five 500 MVA, 400/220/33kV, 3-Phase ICT, and 5 Nos of 500 MVA 400/220/33kV, 3-Phase auto transformers. It includes all fittings, accessories for complete execution, local transportation, in-transit insurance, loading and unloading, and installation services.
The entire project is slated to be completed within 21 months from the date of the award notification.
TRANSFORMERS AND RECTIFIERS is moving in uptrend line and market has rebounded from the higher low area of the pattern
The company recorded a 13% profit growth, reaching Rs 15.58 crore in the quarter ending December 2023.
In a recent development, Power Grid Corporation had entered into an agreement to procure 25 MVAR and 8.33MVAR 245kV Shunt Reactors from the Changodar Unit of Transformers and Rectifiers (India) Limited earlier this month.
GE Power: GE Power Rises 1.8% on Tata Power Turbine Generator Order
The GE Power company has received the order of 6.75Cr from Tata Power company and deadline for completion of order is 55 days. After the news This stock rallied 2% today.
On February 25, GE Power announced in a regulatory filing that it secured an order from Tata Power for turbine generator overhaul and related services. The project’s base value is Rs 6.75 crore, with an anticipated completion time of 55 days.
In Q3FY24, GE Power India reported a modest net profit of Rs 37 lakh in the December 2023 quarter, marking a significant improvement from the net loss of Rs 139.9 crore in the previous fiscal year. The company’s total income declined to Rs 491.2 crore from Rs 544.5 crore in the corresponding period a year ago.
TRANSFORMERS AND RECTIFIERS is moving in uptrend line and market has rebounded from the higher low area of the pattern
In an earnings call, the management said that revenue had declined due to lower orders in previous quarters as well as project delays. “Claims settlement continues to be slow. However, we continue our efforts towards them. The service business continues to grow with 56% more
orders quarter-on-quarter, they said.
Kotak Mahindra Bank : Kotak Mahindra Bank Steady as Zurich Insurance Acquires 70% Stake in Kotak General
Swiss Based Zurich Life insurance company is going to Acquire 70% stake in Kotak General Insurance, it is fully controlled by Kotak Mahindra Bank.
In a regulatory filing on February 23, Kotak Mahindra Bank disclosed that, in collaboration with Kotak General Insurance, it had reached an agreement with Zurich Insurance for Zurich to acquire a 70% stake in Kotak General. This acquisition, involving both primary and secondary transactions in a single tranche, amounts to Rs 5,560 crore.
Back in November 2023, Zurich Insurance had initially announced its intention to acquire a 51% stake in Kotak Mahindra General Insurance Company, utilizing a mix of fresh growth capital and share purchase. An additional 19% stake was planned for acquisition at a later stage.
Jefferies recommends a “hold” for the stock with a target price of Rs 2,050. The foreign brokerage noted that the business holds a small market share of approximately 0.5% in premiums and constitutes 0.3% of net worth.
KOTAK MAHINDRA Bank is moving in Ascending channel and market has reached higher low area of the channel
Kotak General Insurance operates as a wholly-owned subsidiary of Kotak Mahindra Bank, while Zurich Insurance Company is a Swiss insurance company headquartered in Zurich.
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