Shares of the Mumbai-based construction company – Ashoka Buildcon – rose as much as 10.73 per cent to hit an intraday high of Rs 98.50 after the company post market hours on Thursday informed exchanges that it secured a contract from Gujarat Rail Infrastructure Development Corporation for gauge conversion and electrification. Ashoka Buildcon shares opened for trading at Rs 92.50 on the BSE. On National Stock Exchange, Ashoka Buildcon shares rose as much as 11.14 per cent. (Track Ashoka Buildcon stock price here)
Ashoka Buildcon received a letter of award from Gujarat Rail Infrastructure Development Corporation Limited (G-RIDE) for gauge conversion of Bechraji-Ranuj section for total length of 38.15 kilometres from metre gauge to broad gauge.
The project also includes electrification of the railway line with 25 KV AC electrification. The project falls under the Ahmedabad division of Western Railways, Ashoka Buildcon said in a press release.
The accepted cost of project is Rs 333.625 crore, Ashoka Buildcon said.
The company on April 13, Tuesday, informed exchanges that it had emerged the lowest bidder for gauge conversion and electrification of Bechraji-Ranuj section.
As of 12:22 pm, Ashoka Buildcon shares traded 6 per cent higher at Rs 94.35, outperforming the Sensex which was up 0.14 per cent.