Shares of HG Infra Engineering rose about 4% to Rs 748 per share on the BSE in intraday trade on Thursday after the company secured an order worth Rs 535.15 crore from Rail Vikas Nigam (RVNL).

“Rail Vikas Nigam has declared HG Infra Engineering as the Lowest Bidder (L-1) for the construction of foundations, substructure and superstructure, earthworks and associated works for Viaducts 1 and 2 about the Bhanupali-Bilaspur-Beri new railway line in Bilaspur, Himachal Pradesh,” it said in a filing.

RVNL’s estimated project cost was Rs 535.15 crore, while HG Infra’s bid was Rs 466.11 crore, making it the lowest bidder. RVNL traded about 5% higher.

Shares of the construction and engineering giant are up 30% over the past three months, compared with a six-month gain of about 35%. In contrast, the BSE Sensex has risen 1.4% over the past six months while falling nearly 3% over the past three months.

Last month, the company received a letter of acceptance from the Delhi Metro Rail Corporation (DMRC) for a project worth Rs 399 crore.

Before this, in December 2022, it received a letter of acceptance for a project in Haryana from the National Highways Authority of India (NHAI). NHAI’s estimated project cost was Rs 744 crore, while HG Infra’s bid for the project was Rs 997.1 crore.