Shares of Siemens hit an all-time high of Rs 3,438, up 3% in intraday trade on Wednesday. The stock surged 5% in the past two sessions, surpassing the previous high of Rs 3,400 on April 11, 2023.

Shares of Siemens surged 22% through 2023, outperforming the broader market, while the S&P BSE Sensex fell 1.6%.

The company focuses on industry, infrastructure, transportation-related technologies, and power transmission and generation.

Last week, Siemens received two separate orders from Gujarat Metro Rail Company Limited (GMRCL) as part of the Rail Vikas Nigam Limited (RVNL) consortium. Siemens’ share in the consortium is Rs 678 crore.

The order includes Surat Metro Phase 1 (over 40 km, including 38 stations and 2 depots) and Ahmedabad Metro Phase 2 (over 28 km, including 23 stations and 1 depot).

Siemens will provide project management and railway electrification technology, including advanced power supply and distribution systems. In addition, Siemens will offer cutting-edge digital solutions, such as supervisory control and data acquisition (SCADA) solutions, for the two metros.

In January, Siemens signed a contract worth Rs 26,000 crore to manufacture 1,200 electric freight locomotives for Indian Railways. The contract, Siemens’ largest single order, will be for freight, the company said in a filing to the stock exchange. The company said the locomotives have a rated payload of 4,500 tonnes and a top speed of 120 kilometres per hour.

Delivery is planned for 11 years, and the contract includes 35 years of full-service maintenance. The locomotives will be assembled at the Indian Railways factory in Dhahod, Gujarat, the company said.

In the fiscal year 2022 (January-December), the company (as part of a consortium) has booked a large order of around Rs 900 crore to develop the metro corridor of the Pune Metro in a public-private partnership route. It received another signal and telecommunications order for two corridors of RVNL Calcutta Metro Line 3 and Line 6.

The government’s commitment to sustain growth by mandating states to accelerate capital expenditure and initiatives such as ‘Atmanirbhar Bharat’, Power for All, Digital India, National Logistics Policy, National Rail Plan and Green Hydrogen Policy is encouraging the country’s economy. In its FY22 annual report, Siemens said that India is rightly positioning itself as a high-end manufacturing hub and incremental capex is expected to focus on areas where India needs to reduce its external dependence on global supply chains.