Shares of GE Power India surged over 6 percent after the company secured a Letter of Intent (LoI) for a contract valued at Rs 243.46 crore from NTPC GE Power Services Private Ltd (NGSL).

The contract involves the renovation and modernisation of LMZ Steam Turbines at Wanakbori Thermal Power Station (TPS) Unit No. 1 and Unit No. 2, each with a capacity of 210 MW.

The project aims to enhance the heat rate efficiency and extend the operational life of these units, GE Power India said in a regulatory filing.

The nature of the order is focused on Steam Turbine Renovation and Modernisation (R&M), with a stipulated execution period of 33 months. NGSL, a joint venture between GE Power India Ltd (GEPIL) and NTPC Ltd, led the bid, while GEPIL participated as a joint venture/consortium partner.

Genus Power will be responsible for all critical supplies, including design and engineering, as well as the testing and commissioning of the system.

In the last one year, the stock has gained just 150 percent, more than doubling investors' money. In comparison, Nifty delivered returns of around 25 percent during this period.