General Electric (GE) Unit Extends Gas Turbine Deal with BHEL
General Electric Company’s GE arm GE Vernova’s Gas Power business and Bharat Heavy Electricals Limited (“BHEL”) extended the Technical Assistance and License Agreement to design and produce gas turbines in India. This marks the fourth extension to the GE-BHEL partnership that was incepted in July 1986. The deal between the companies is aimed at reducing emissions in the gas power sector in India.
Since the beginning of this deal, BHEL has been producing and offering GE’s gas turbines in domestic and overseas markets. BHEL has already provided about 230 GE-designed gas turbines to several oil refineries, process industries and utilities in India and to various customers worldwide. The long-standing GE-BHEL partnership has been fostering India’s domestic manufacturing capabilities, creating employment opportunities and advancing its supply-chain network.
The new deal will enable BHEL to provide General Electric’s state-of-the-art gas turbines that can run on sustainable fuel blends like hydrogen, methanol, syngas etc. to its customers. This will contribute further to fast-tracking the energy transition in India.
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As part of the collaboration, the companies will also offer engineering, overhaul and maintenance services through BHEL-GE Gas Turbine Services (BGGTS) Private Limited (a joint venture between GE and BHEL) to the gas power facilities in the country.
Zacks Rank & Stocks to Consider
GE currently carries Zacks Rank #4 (Sell). Some better-ranked companies are discussed below:
Alamo Group Inc. ALG currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average. In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 30.5% in the year-to-date period.
Axon Enterprise AXON sports a Zacks Rank of 1 at present. The company has a trailing four-quarter earnings surprise of 44.4%, on average.
In the past 60 days, estimates for Axon’s 2023 earnings have increased 12.6%. The stock has rallied 17.3% in the year-to-date period.
Griffon Corporation GFF currently carries a Zacks Rank #2 (Buy). GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average.
In the past 60 days, Griffon’s earnings estimates have increased 5% for fiscal 2023. The stock has gained 13.8% in the year-to-date period.
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