The shares of Bharat Heavy Electricals Ltd (BHEL) climbed over 3 per cent on 28 March after the company confirmed receipt of a Letter of Intent (LoI) from Chhattisgarh State Power Generation Company Limited (CSPGCL) for a project valued at Rs 11,800 crore. The shares were trading around Rs 221 apiece.

In a regulatory filing, BHEL stated it had received the LoI for an engineering, procurement and construction (EPC) contract for two 660-megawatt 'Supercritical' thermal power units at the Hasdeo Thermal Power Station, located in Chhattisgarh’s Korba District.

The contract includes the provision of supercritical equipment such as boilers, turbines, generators, and other associated auxiliaries, along with erection, commissioning and related civil works.

Commercial operations at the site, estimated at approximately Rs 11,800 crore excluding taxes and duties, are expected to commence within 60 months.

BHEL shares extended gains for the second straight session, having risen over 5 per cent since the market closed on 26 March. The stock has surged nearly 23 per cent over the past month. However, it has fallen over 21 per cent in the past six months and declined over 11 per cent over the last year.

BHEL stock has rebounded significantly since hitting its 52-week low of Rs 176 on 3 March. However, it remains well below its 52-week high of Rs 335.