GE Power India limited’s shares saw a 52-week high of Rs 429 in its stock price with a significant increase of over 9% on June 21, following the company’s announcement of securing a Letter of Intent (LoI), as per the company’s recent regulatory filing on June 20.

The LoI pertains to a lucrative contract valued at Rs 243.46 crore, which is exclusive of Goods and service tax (GST) and was awarded by NTPC GE Power Services Private Ltd (NGSL). The order is primarily concerned with the renovation and modernization of Steam Turbines (R&M).

The Significant terms and conditions of the order/contract include – renovation and modernization of LMZ Steam Turbines of Wanakbori Thermal Power Station (TPS) Unit No. 1 (210 MW) and Unit No. 2 (210 MW).

The contract is being performed to enhance heat rate (efficiency) and extend the operational life of the turbines. The agreed-upon timeframe for the execution of the order/contract is 33 months.

The project has the goal of improving the heat rate efficiency and prolonging the operational lifespan of these units, as stated in a regulatory filing by GE Power India.

The successful bid was led by NGSL, a joint venture between GE Power India Ltd (GEPIL) and NTPC Ltd. As part of the bid, GEPIL participated as a joint venture/consortium partner.

At 11:43 am, the shares of GE Power India were trading 3.59% higher at Rs 407.35 per share on the NSE.