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)
Total expenses reduced to Rs 5472.7 million during the quarter against Rs 5737.7 million in the same quarter of 2016-17
Ashoka Buildcon has an order book of Rs 7,000 cr and is targeting an additional order intake
The stock moved higher to its 52-week high of Rs 232, up 10% on BSE in intra-day trade
The company said it has extended its full co-operation and provided all the requisite information to the I-T authorities
Analysts say unless the firm's name in a case of financing construction projects for a former minister's family is cleared, overhang on the stock may remain
The stock locked in lower circuit of 20% at Rs 136, also its 52-week low on the BSE on back of heavy volumes.
The stock was up 3.3% at Rs 191 on the BSE as compared to 0.69% decline in the S&P BSE Sensex at 09:30 am.
These projects will be funded by the Asian Development Bank, the company said in its filing