Shares of Rail Vikas Nigam Ltd (RVNL) surged more than 18% to reach an all-time high of Rs 163.45 after the company announced that it had won orders worth Rs 604.2 crore from the Madhya Gujarat Vij Company Ltd (MGVCL).

The Navratna railway company announced in exchange filings that it had received Letters of Acceptance from Madhya Gujarat Vij Company for full turnkey contracts, including design, supply and installation of Distribution Infrastructure work for Loss reduction at the Vadodara and Dahod districts in Gujarat under revamped reforms-based and results-linked distribution sector scheme. 

The project cost for the work in Vadodara district is Rs 322.08 crore, while the cost for work in Dahod district is Rs 282.11 crore. Both projects are expected to be completed within 31 months.

The shares of RVNL ended the session at Rs 154.25, 11.53% higher than its previous closing price on the National Stock Exchange (NSE). The scrip touched a record high of Rs 163.45, up nearly 18.2% from the last closing price. Almost 22 crore shares traded hands on the bourses today, higher than the monthly average of 2 crore shares. 

RVNL is a government-owned public sector undertaking engaged in railway infrastructure projects, including track renewal, electrification, station modernisation, and bridge construction.

Among recent orders, RVNL emerged as the lowest bidder for multiple metro infrastructure development projects for Maharashtra Metro Rail Corporation worth Rs 256 crore.