Ashoka Buildcon share rises 11% after firm wins project from Gujarat Rail Infrastructure

Share of Ashoka Buildcon rose over 11 percent today after the company received a Letter of Award (LOA) from Gujarat Rail Infrastructure Development Corporation.

The stock opened with a gain of 3.99% today at Rs 92.50. It touched an intraday high of Rs 98.5 rising 10.74% against previous close of Rs 88.95 on BSE. Ashoka Buildcon share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. The stock has risen 50% in one year and lost 0.65% since the beginning of this year. 

Market cap of the firm rose to Rs 2,577 crore on BSE. On NSE, the stock touched an intra day high of Rs 98.75 rising 11.14% against previous close of Rs 88.85. The share opened at Rs 93.95 today.

” …. received a Letter of Award (LOA) from Gujarat Rail Infrastructure Development Corporation (G-RIDE) for the project – Gauge Conversion of Bechraji – Ranuj section, with 25 KV AC electrification in Ahmedabad division of Western Railway,” the company said .

The accepted project cost is Rs 333.625 crore.

The share hit a fresh 52-week high of Rs 118.60 on February 17, 2021 and a 52-week low of Rs 48.65 on May 29, 2020. It trades 18.89 percent below its 52-week high and 97.74 percent above its 52-week low.