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General Electric (GE) Arm Wins Grid Infrastructure Deal in India
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General Electric Company’s (GE - Free Report) Grid Solutions business recently secured a deal from ReNew Power Pvt. Ltd. for building two 400 kV substations in Karnataka, India.
Grid Solutions is a division of General Electric's GE Renewable Energy business segment.
The company’s share price declined 0.5% yesterday, eventually closing the trading session at $89.46.
Inside the Headlines
Per the contract, General Electric will be responsible for providing a 400 kV gas-insulated substation in Narendra and a 400/220 kV air-insulated substation in Koppal. The company will also offer two 125 MVAR 400 kV reactors for Narendra and Koppal sub-stations each. It’s worth noting that all the products will be manufactured in India.
The company’s cutting-edge grid technology will facilitate the smoother transmission of power, apart from allowing these substations to operate with greater control of load and under efficient monitoring. This will likely enable the substations to provide a reliable and constant supply of renewable energy to the customers.
General Electric expects its work to be completed in three phases – the first two in December this year and the third one in August next year. The latest pact is built on a strong collaboration between both companies. This marks Grid Solutions business’ third project with ReNew Power related to the substation.
Zacks Rank, Price Performance and Estimate Trend
General Electric currently has a market capitalization of $98.6 billion and a Zacks Rank #3 (Hold). The company is poised to gain from solid contract wins, product innovation strategy and portfolio restructuring actions. However, supply-chain constraints and inflationary pressure remain concerning.
Image Source: Zacks Investment Research
In the past three months, its share price has lost 10% compared with 8.5% decline recorded by the industry.
In the past 30 days, the Zacks Consensus Estimate for the company’s 2022 earnings has decreased from $3.34 to $3.16 due to five downward estimate revisions against none upward. The consensus estimate for its 2023 earnings has gone up from $4.98 to $5.11 on four upward estimate revisions versus one downward.
Key Picks
Some better-ranked companies are discussed below.
Franklin Electric Co., Inc. (FELE - Free Report) presently has a Zacks Rank #2 (Buy). Its earnings surprise in the last four quarters was 17.4%, on average.
In the past 30 days, Franklin Electric’s earnings estimates have been stable for 2022. FELE’s shares have lost 11.5% in the past three months.
Carlisle Companies Incorporated (CSL - Free Report) presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 35.1%, on average.
Carlisle’s earnings estimates have decreased 0.2% for 2022 in the past 30 days. CSL’s shares have declined 1.2% in the past three months.
Griffon Corporation (GFF - Free Report) presently has a Zacks Rank #2. It delivered a four-quarter earnings surprise of 56.7%, on average.
Griffon’s earnings estimates have been unchanged for fiscal 2022 (ending September 2022) in the past 30 days. GFF’s shares have lost 31.5% in the past three months.
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General Electric (GE) Arm Wins Grid Infrastructure Deal in India
General Electric Company’s (GE - Free Report) Grid Solutions business recently secured a deal from ReNew Power Pvt. Ltd. for building two 400 kV substations in Karnataka, India.
Grid Solutions is a division of General Electric's GE Renewable Energy business segment.
The company’s share price declined 0.5% yesterday, eventually closing the trading session at $89.46.
Inside the Headlines
Per the contract, General Electric will be responsible for providing a 400 kV gas-insulated substation in Narendra and a 400/220 kV air-insulated substation in Koppal. The company will also offer two 125 MVAR 400 kV reactors for Narendra and Koppal sub-stations each. It’s worth noting that all the products will be manufactured in India.
The company’s cutting-edge grid technology will facilitate the smoother transmission of power, apart from allowing these substations to operate with greater control of load and under efficient monitoring. This will likely enable the substations to provide a reliable and constant supply of renewable energy to the customers.
General Electric expects its work to be completed in three phases – the first two in December this year and the third one in August next year. The latest pact is built on a strong collaboration between both companies. This marks Grid Solutions business’ third project with ReNew Power related to the substation.
Zacks Rank, Price Performance and Estimate Trend
General Electric currently has a market capitalization of $98.6 billion and a Zacks Rank #3 (Hold). The company is poised to gain from solid contract wins, product innovation strategy and portfolio restructuring actions. However, supply-chain constraints and inflationary pressure remain concerning.
Image Source: Zacks Investment Research
In the past three months, its share price has lost 10% compared with 8.5% decline recorded by the industry.
In the past 30 days, the Zacks Consensus Estimate for the company’s 2022 earnings has decreased from $3.34 to $3.16 due to five downward estimate revisions against none upward. The consensus estimate for its 2023 earnings has gone up from $4.98 to $5.11 on four upward estimate revisions versus one downward.
Key Picks
Some better-ranked companies are discussed below.
Franklin Electric Co., Inc. (FELE - Free Report) presently has a Zacks Rank #2 (Buy). Its earnings surprise in the last four quarters was 17.4%, on average.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 30 days, Franklin Electric’s earnings estimates have been stable for 2022. FELE’s shares have lost 11.5% in the past three months.
Carlisle Companies Incorporated (CSL - Free Report) presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 35.1%, on average.
Carlisle’s earnings estimates have decreased 0.2% for 2022 in the past 30 days. CSL’s shares have declined 1.2% in the past three months.
Griffon Corporation (GFF - Free Report) presently has a Zacks Rank #2. It delivered a four-quarter earnings surprise of 56.7%, on average.
Griffon’s earnings estimates have been unchanged for fiscal 2022 (ending September 2022) in the past 30 days. GFF’s shares have lost 31.5% in the past three months.