Shares of Ashoka Buildcon Ltd. rose in trade on Monday, compared to the benchmark NSE Nifty 50, which declined by 0.19%.
The company received a letter of acceptance from the Ministry of Railways for the civil engineering work and supply of machine-crushed stone ballast for the Gwalior-Sheopurkalan GC project of the North Central Railway. The contract is for the block section from Birpur to Seroni Road, and the project costs Rs 284.65 crore.
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The company's shares rose 2.43% to Rs 75.8 apiece as of 11:15 a.m. It advanced as much as 2.84% intraday, the most since March 29.
Total traded volume stood at 0.9 times its 30-day average. The relative strength index was at 48.1.
Thirteen analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data.
The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 69.7% over the next 12 months.
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