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Rail Vikas Nigam Ltd. (RVNL) shares surged 8 percent on Friday to end at a 52-week high after the state-run company announced it has been awarded a new contract worth Rs 137.56 crore.

The order pertains to OHE modification work to increase the speed potential to 160 KMPH in the Dhanbad division under the East Central Railway. The route is 202 km long.

The RVNL stock has rallied over 28 percent in the past month alone. In October, the company bagged a contract for the construction of a four-lane highway in Andhra Pradesh from the National Highways Authority of India (NHAI). The company entered the road market only recently.

Veteran investor Ramesh Damani told CNBC-TV18 last month that he was bullish on tech and railway-focused stocks in Samvat 2079.

Damani believes that stocks like RVNL are as cheap as defence stocks were a couple of years ago. He expects these companies to benefit from the government's focus on increasing capex for transportation and infrastructure in the country.

Shares of Rail Vikas Nigam Ltd. ended 8.6 percent higher at a new 52-week high of Rs 46.30.

(Edited by : Rukmani Krishna)