BHEL‘s share price jumped over 3% on Monday morning to hit an intraday high of ₹327 — close to its 52-week high of ₹335.35.

What Happened: BHEL announced last week that it has received a Letter of Intent (LOI) from Damodar Valley Corporation for the construction of the 2×800 megawatt Koderma phase-II thermal power station on an engineering, procurement and construction (EPC) basis.

See Also: BEL To Report Earnings On July 29: What To Expect

The contract, valued at over ₹10,000 crore excluding taxes and duties, involves the supply of equipment such as boilers, turbines, generators, and associated auxiliaries.

It also includes electrical and control and instrumentation (C&I) packages, balance of plant packages, erection and commissioning and civil works. The project, awarded through international competitive bidding, is expected to be completed within 52 months.

Finance Minister Nirmala Sitharaman earlier this year announced a joint venture between BHEL and NTPC to establish a full-scale 800-megawatt commercial thermal plant using advanced ultra supercritical (AUSC) technology, aimed at reducing the country's carbon footprint.

Price Action: BHEL’s share price was up 2.58% to trade at ₹325.50 as the markets opened on Monday.

Read Next: HDFC Bank Denies ‘Frivolous’ And ‘Inappropriate’ Reports Of Selling ₹1 Lakh Cr Builder Loan Book

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.