Shares of GE T&D India were locked on a 5% upper circuit on 29 December after the company announced securing an order from UK Grid Solutions Ltd.

In its regulatory filing, the company said that it had received an order from UK Grid Solutions Ltd to manufacture and supply an HVDC Converter Transformer for a total consideration of GBP 74 million (Rs 485 crore), which has to be executed by October 2026.

Both the parties are a part of GR Group and this transaction has been approved by shareholders in the last annual general meeting held on 21 August 2023.

The company had received the order on 28 December in the ordinary course of business from UK Grid Solutions Limited, and the transaction will done at arm’s length.

In its quarterly report for July-September, the company reported a multi-fold increase in its net profit to Rs 37.17 crore during the quarter from Rs 2.76 crore reported in the same quarter last year.

However, the company’s total income saw a marginal decline to Rs 706.90 crore during the quarter from Rs 728.84 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of GE T&D India closed 5% higher at Rs 503.35 on NSE.