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Ashoka Buildcon Rallies 11% On Winning Railway Gauge Conversion Contract

The accepted price of undertaking is Rs 333.625 crore, Ashoka Buildcon mentioned.

Shares of the Mumbai-based building firm – Ashoka Buildcon – rose as a lot as 10.73 per cent to hit an intraday excessive of Rs 98.50 after the corporate submit market hours on Thursday knowledgeable exchanges that it secured a contract from Gujarat Rail Infrastructure Development Corporation for gauge conversion and electrification. Ashoka Buildcon shares opened for buying and selling at Rs 92.50 on the BSE. On National Stock Exchange, Ashoka Buildcon shares rose as a lot as 11.14 per cent. (Track Ashoka Buildcon inventory value right here)

Ashoka Buildcon obtained a letter of award from Gujarat Rail Infrastructure Development Corporation Limited (G-RIDE) for gauge conversion of Bechraji-Ranuj part for whole size of 38.15 kilometres from metre gauge to broad gauge.

The undertaking additionally contains electrification of the railway line with 25 KV AC electrification. The undertaking falls beneath the Ahmedabad division of Western Railways, Ashoka Buildcon mentioned in a press launch.

The accepted price of undertaking is Rs 333.625 crore, Ashoka Buildcon mentioned.

The firm on April 13, Tuesday, knowledgeable exchanges that it had emerged the bottom bidder for gauge conversion and electrification of Bechraji-Ranuj part.

As of 12:22 pm, Ashoka Buildcon shares traded 6 per cent increased at Rs 94.35, outperforming the Sensex which was up 0.14 per cent.

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