On Monday Shares of General Electric Company (NYSE:GE), dropped -1.05% to $29.63. The firm opened its current trade at $29.76. The total volume traded for the day is 65.66M shares, as compared to its average daily volume of 70.62M shares. The stock is floating in a range of $29.38 - $29.95. The stocks hold the market capitalization of $303.08B.
According to news report, General Electric Company (NYSE:GE), declared it will invest $200 million to develop and supply Indian Railways with 1,000 diesel locomotives. The company received a Letter of Award from the Ministry of Railways for a locomotive supply and maintenance contract, worth about $2.6 billion over 11 years. The deal advances the ‘Make in India’ initiative and reinforces India’s position as a global manufacturing destination.
The largest deal in GE’s 100-year history in India, the company will build a diesel locomotive manufacturing facility in Marhowra district in the Indian state of Bihar, in addition to maintenance sheds at Bhatinda in Punjab and Gandhidham in Gujarat. This effort is a major boost to India’s railway modernization efforts, and will provide skill development opportunities for local talent.
“This infrastructure project is further evidence of India’s position as a growth engine for Asia,” said GE Chairman and CEO Jeff Immelt. “It is a major advancement and milestone for India and for GE, and a symbol of our commitment and support of the ‘Make in India’ initiative.”
“This project combines GE’s deep infrastructure and manufacturing expertise with India’s growth precedingities. This is an exciting and integral part of our localization strategy in India,” said Jamie Miller, GE Transportation Chief Executive Officer. “We are excited about working with Indian Railways and ongoing to invest in the region.”
GE stock is now trading at $29.64, having a volume of 65.66M shares. The year-to-date (YTD) performance of GE stock reflects that it is 17.41% above last year. During the past month, the stock gain 20.86%, bringing three-month performance to 15.04% and six-month performance to 8.44%.
General Electric Company operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
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