Ashoka Buildcon shares rise 5% after securing ₹568.86 crore project from Central Railway

Ashoka Buildcon share price surged for the fourth straight session, climbing almost 5% on Wednesday after the company was granted a Letter of Acceptance (LoA) from Central Railway for a project valued at ₹568.86 crore.

The company announced in its press release that it has received a Letter of Acceptance (LOA) for the project, which includes tasks such as earthworks, major and minor bridge construction, rubs, permanent way work, and various civil works related to the gauge conversion from Pachora to Jamner (approximately 53.3 km), excluding Pachora Yard and Road Over Bridges.

Additionally, it stated that the Engineering, Procurement, and Construction (EPC) contract is expected to be completed within 30 months.

On March 10, the firm obtained a Letter of Award from the Maharashtra State Electricity Transmission Company (MSETCL) for a project valued at ₹311.92 crore.

The firm operates as an integrated EPC, BOT, and HAM entity. With over 28 years of experience in construction and infrastructure development, the company has handled 41 PPP projects and has a presence in more than 20 states across the nation.

Ashoka Buildcon share price today

Ashoka Buildcon share price today opened at ₹205 apiece on the BSE, the stock touched an intraday high of ₹207.70 per share and an intraday low of ₹199.30 apiece. Anshul Jain, Head of Research at Lakshmishree Investments stated that Ashoka Buildcon share price is forming a 9-week rectangle between 205.5 and 163, hinting at a bullish breakout.

“Volumes indicate accumulation, suggesting smart money interest. A breakout and sustained move above 206 will confirm strength, paving the way for momentum traders to aim for 245. Until then, traders can watch for signs of breakout confirmation before entering fresh long positions,” added Jain.

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