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.
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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