Shares of Ashoka Buildcon rose as much as 11 per cent to Rs 133 apiece on National Stock Exchange (NSE) in intra-day trade on receipt of Letter of Acceptance (LoA) from Rail Vikas Nigam Limited (RVNL) for projects in Bihar and Jharkhand.
The company has received Letter of Acceptance by RVNL, for the Project viz. "Construction of roadbed, bridges, supply of ballast, Installation of track (excluding supply of rails, and track sleepers), Electrical (General Electrification), Provision of OHE, Signaling and telecommunication works in connection with 3rd Line from Sonnagar to Garhwa Road in Dhanbad Division of East Central Railway," in the states of Bihar and Jharkhand in 2 packages (Package 1 & Package 2).
The company had bid the project in joint venture with Story Tech Services LLC, wherein the company is a lead member. The aggregate accepted bid value of the project is Rs 794.20 cr.
At 11.35 am, shares of Ashoka Buildcon were trading 8.82 per cent higher at Rs 130.10 apiece on NSE, as compared to a decline of 1.57 per cent on Nifty50 index. A total of 1.04 million shares were traded on BSE and NSE so far.