GE Power India’s shares have shattered a six-session after the company losing streak. It would further continue to pursue opportunities in a business segment that focuses on reducing sulfur dioxide emissions even as its promoter plans to exit the new-build coal power market across the globe.

According to an exchange filing, “The total flue-gas desulphurization market (including captive power plant) in India is 225 GW, out of which about 82 GW (Rs.33, 000 crore) has been already been ordered till date by majorly central public sector utilities with a few state utilities and IPP (independent power producer).”

GE Power India has stated that to date it has been awarded 10 FGD projects, amounting to be 13 gigawatts that are representing about 15 percent market share that is now in varying stages of execution.

GE Power India, it said, to date has been awarded 10 FGD projects, amounting to about 13 gigawatts (representing about 15% market share), which are now in various stages of execution. The balance potential market for FGD in India that remains to be ordered in the next three to five years is to be estimated to be around 143 GW states the filing. However, GE Power has the capability to pursue opportunities for about 66 GW, or close to Rs. 29, 000 crore independently even without any further support from its promoter.

Furthermore, the company is planning to do so on the basis of its existing technology license agreement for FGD with GE and its own execution capabilities. As a response to the development, shares of GE Power ended two percent lower at Rs. 200.9, after gaining as much as 8.8 percent to Rs. 223 apiece. Shares fell for the seventh straight day.

On September 21, GE Power’s promoter General Electric has announced its plan to exit the new-build coal power market to focus on and invest in its core renewable energy and power generation business. Post that, the company’s stock has dropped more than 55 percent. About half of the fall came in the last six trading sessions, eroding Rs.1,264 crore of the company’s market capitalization.

Renjith Sivaram and Vipin Goel, Analysts at ICICI Securities, wrote in the note, “With the exit of a parent like GE, local listed entities like GE Power India will find it tough unless an alternate arrangement is worked out, which allows the continuation of the status quo.”