Shares of engineering and services firm TD Power Systems Ltd surged 7% on Thursday after the company entered into agreements with Czech Republic-based Brush SEM to manufacture and supply generators and motors.
As part of the agreements, TD Power Systems will manufacture and supply generators and electrical motors, mainly for the oil and gas market, based on Baker Hughes Brush technology design and the Indian firm design, respectively.
The projects will be executed in three years and can be further extended by two years on mutually agreed terms, the company said in stock exchange filing.
The pact is expected to bring "mutual benefits including an increased presence in the worldwide energy market," TD Power Systems said.
The total business under the agreements will be based on individual purchase orders to be issued from time to time, the company informed the bourses.
Founded in 1879, Brush specialises in the manufacture of high-performance turbogenerators used in various industries including power generation, oil & gas, petrochemical, and marine applications.
Brush is part of the Industrial and Energy Technology business segment of Baker Hughes, an energy technology firm that offers solutions for energy and industrial customers across the globe.
TD Power Systems Ltd is a leading manufacturer of AC Generators. The company deals in steam turbines, hydro turbines, diesel engines, wind turbines, gas engines and gas turbines. TDPS Ltd also manufactures special application generators, generators for geothermal and solar thermal applications.
Shares of TD Power Systems were trading 7.06% higher at ₹278.15 apiece at 12.55pm.
(Edited by : Shloka Badkar)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM