Shares of Ashoka Buildcon jumped 11 per cent to Rs 98.50 on the BSE in intra-day trade on Friday, after the company received a letter of award (LOA) from Gujarat Rail Infrastructure Development Corp (G-RIDE).
"The LOA is for the project 'Gauge conversion of Bechraji (63.83 KM) - Ranuj (101.983 KM) Section, total length of 38.1 km metre gauge to broad gauge with 25 KV AC electrification in Ahmedabad. The accepted project cost is Rs 333.625 crore," Ashoka Buildcon said in a exchange filing.
At 11:13 am; the stock was trading 8 per cent higher at Rs 96 on the BSE, as compared to 0.38 per cent rise in the S&P BSE Sensex. The trading volume more-than-doubled with a combined 4.4 million equity shares changed hands on the NSE and BSE. It had hit a 52-week high of Rs 118.65 on February 17.