However, the promoter group has expressed its “strong intention to continue as the majority shareholder block of the company”.
GE Grid Alliance B.V., earlier known as Alstom Grid Holding B.V holds 6.46% in GE T&D while Grid Equipments holds 68.54% of the paid-up share capital.
The announcement was made after market hours and the shares of T&D India ended at Rs 1,810 on the NSE on Tuesday, down by Rs 9.85 or 0.55% over the Monday closing price.
The stock has given multibagger returns of 425% over a 1-year period which is a significant outperformance over Nifty’s returns of 27%. In the year-to-date, its returns stand at 242%.GE T&D is the listed entity of GE’s Grid Solutions business in India. It has a presence of over 100 years in India. It is a leading player in the power transmission and distribution business and the company provides a range of solutions for connecting and evacuating power from generation sources onto the grid, providing utilities with the tools needed to support the increase in demand swiftly.The stock is trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 1,608 and Rs 987 according to Trendlyne data.Momentum indicators RSI and MFI as reported by Trendlyne shows the stock in a medium range of 64 and 68. A number above 70 is considered to be overbought while below 30 is seen as oversold.
Notwithstanding a strong rally, it has traded with stability. Its one-year beta, which is a measure of stock’s volatility is less than which makes the stock less volatile.
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