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Ashoka Buildcon Surges On Winning Gujarat Rail Infrastructure Project
Shares of Ashoka Buildcon, a Mumbai-based construction company, rose as much as 10.73% to an intraday high of 98.50. After receiving a Letter of Award (LOA) from Gujarat Rail Infrastructure Development Corporation, Ashoka Buildcon's stock rose.
According to Ashoka Buildcon, the project's approved cost is Rs 333.625 crore.
On February 17, 2021, the stock hit a 52-week high of Rs 118.60, and on May 29, 2020, it hit a 52-week low of Rs 48.65. It is currently trading at 97.74% above its 52-week low and 18.89% below its 52-week peak.
Gujarat Rail Infrastructure Development Corporation Limited (G-RIDE) has awarded Ashoka Buildcon a contract to convert the Bechraji-Ranuj segment from metre gauge to broad gauge for a total length of 38.15 kilometres.
The railway line will also be electrified with 25 KV AC power as part of the scheme. According to Ashoka Buildcon, the project is managed by Western Railways' Ahmedabad division.
At 1.18 pm IST, Ashoka Buildcon was quoting at Rs 93.10, up Rs 4.25 or 4.78%, on the BSE. Ashoka Buildcon shares opened for trading at Rs 92.50 on National Stock Exchange. It touched an intra-day high of Rs 98.50 during the trade.
