Shares of the Nashik-based infrastructure developer – Ashoka Buildcon – rose as much as 3.34 per cent to hit an intraday high of Rs 114.45 after the company informed exchanges that it has received a letter of award from IRCON International. Ashoka Buildcon received order from IRCON for provision of supply, erection, testing and commissioning of Electro Mechanical (E&M) System on Dharam-Katra Section of Udhampur-Srinagar-Baramulla Rail link (USBRL) project, Ashoka Buildcon said in an exchange filing.
The accepted contract value of project is Rs 482.34 crore, Ashoka Buildcon said.
Udhampur-Srinagar-Baramulla Rail link Project (USBRL) having length of 272 kilometer long Railway Line from Udhampur to Baramulla joining the Kashmir valley with rest of the country was declared as National Project in 2002. Out of 272 kilometer of USBRL Project, work has been completed on 161 kilometer and commissioned, Ministry of Railways said in a press release.
The work on intervening stretch of Katra-Banihal section (111 km) is in progress and this section predominantly involves tunnelling that is 97 kilometer out of 111 kilometer ( that is 87 per cent) of length of Katra-Banihal section is in tunnels and maximum length of tunnel (T-49) is 12.75 kilometers, Ministry of Railways added.
As of 1:28 pm, Ashoka Buildcon shares traded 3.25 per cent higher at Rs 114.35, outperforming the Sensex which was down 0.4 per cent.