Ashoka Buildcon Bags Rs 1,600 Crore Road Project; Shares Rise

Shares of Ashoka Buildcon Ltd. rose as much as 3 percent to Rs 178 after the company said it has signed a concession agreement for a road project in Punjab worth Rs 1,600 crore.

Ashoka Kharar Ludhiana Road Ltd., a subsidiary of Builcon, entered into a pact with the National Highway Authority of India on September 22. The agreement includes four to six laning of a strech of the Kharar to Ludhiana highway in Punjab, according to the company’s exchange filing on the Bombay Stock Exchange.

At 12:22 pm, the shares of the road maker were trading 0.4 percent higher at Rs 174 apiece. The stock has gained well over 12 percent in the last three weeks.