Shares of rail infrastructure firm Rail Vikas Nigam (RVNL) continued to rise, hitting a new high of Rs 58.05, up 6% intraday on Tuesday. At 11:04 am, the stock was up 5% at Rs 57.50, while the S&P BSE Sensex was down 0.24%.

Since October 20, RVNL shares have risen 62% from the Rs 35.80 level in the past 16 trading sessions after the company announced multiple orders. Shares of RVNL are up 90% in the past three months, while Sensex is up 3%.

RVNL and its subsidiaries and joint ventures are engaged in the implementation of various railway infrastructure projects designated by the Ministry of Railways (MoR), including double lines (including third and fourth lines), gauge conversion, new lines, railway electrification, large bridges, bases and railways According to the concession agreement signed by the Ministry of Commerce, workshops, production units and railways share freight revenue.

On November 11, RVNL announced that the company won the bid for the Maldives UTF (Uthuru Thila Falhu-Island) port development international project. This is a strategic project of the Government of India, and the estimated project cost is approximately Rs 1,544.6 crore.

Earlier on November 4, the company said it had secured a contract worth Rs 137.55 crore to increase the speed potential of the Pradhankhanta-Bandhua section of the Eastern Central Railway Dhanbad division to 160 km/h.

On October 20, RVNL was informed that it was awarded a contract for developing the Kharicut Canal in AMC Area Packages 2 and 3 (between Naroda Smashan Gruh and Vinzol Vehla). The total contract cost is Rs 484 crore.

Earlier, on September 29, the company said it had won a contract from the National Highways Authority of India (NHAI) to build a 4-lane highway from Samarlakota to Achampeta Junction (12.25 km) as part of Kakinada Port to NH. The total cost of 16 connected projects in Andhra Pradesh under the EPC model in Bharatmala Pariyojana is Rs 408 crore.

RVNL’s main client is Indian Railways; other clients include ministries, departments and public sector enterprises of the central and state governments. RVNL has also started bidding for subways, highways and other infrastructure areas.

In its FY22 annual report, RVNL said the company is taking steps to ensure cost control and timely project delivery without compromising the quality of rapid execution and delivery of rail infrastructure projects. RVNL can play an important role in the Ministry of Railways’ efforts to mobilise extra-budgetary resources for project implementation, primarily through the SPV route. Explore innovative project financing models. RVNL also asked the Ministry of Railways to allow it to use its equity base to raise funds from the market, the company said.