The share price of Ashoka Buildcon rallied over 10 percent after the company received a Letter of Award (LOA) from Gujarat Rail Infrastructure Development Corporation for a project worth Rs 333.625 crore.

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The stock price rose as much as 10.7 percent to an intraday high of Rs 98.50 apiece on the BSE. The shares have gained more than 58 percent in the last six months.

"Ashoka Buildcon had submitted a bid to Bahucharaji Rail Corporation Ltd (BRCL), Gandhinagar, represented by the Gujarat Rail Infrastructure Development Corporation Ltd (G-RIDE) for the project that included gauge conversion of Bechraji (63.83 KM) – Ranuj (101.983 KM) Section with a total length of 38.153 km with 25 KV AC Electrification in Ahmedabad Division of Western Railway," the company said in a regulatory filing.

The company has now received a Letter of Award (LOA) from G-RIDE for the said project.

At 9:50 am, the shares of Ashoka Buildcon were trading 8.09 percent higher at Rs 96.15 apiece on the BSE.

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