Shares of Ashoka Buildcon Limited, a Mumbai-based construction company, rose as much as 10.73 percent 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.
Ashoka Buildcon Limited has emerged as the lowest bidder (L-1) for Gujarat Rail Infrastructure Development Corporation Limited (G-RIDE) Project, which has a value of Rs 333.63 crore. On February 17, 2021, the stock hit a one-year high of Rs 118.60, and on May 29, 2020, it hit a one year- week low of Rs 48.65. ON Friday at 3.25 pm, it is trading at 91.50 higher by 3 percent from the previous closing, in comparison, the Nifty touched at 14612-level, up by 31 points.
Ashoka Buildcon had submitted a bid to Bahucharaji Rail Corporation Limited (BRCL), Gandhinagar, represented by Gujarat Rail Infrastructure Development Corporation Limited for the project that includes gauge conversion of Bechraji (63.83 km)-Ranuj (101.983 km) section with a total length of 38.153 km gauge to broad gauge with 25 KV AC electrification in Ahmedabad division of Western Railway.
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