Ashoka Buildcon shares rallied sharply on Wednesday, November 11, after the infrastructure company secured a fresh contract worth ₹865.90 crore from the National Highways Authority of India (NHAI). The Letter of Acceptance (LoA) for the highway project marked the formal award of the contract, for which the company had submitted its bid on November 5, 2026.
The order announcement lifted investor sentiment, with the stock gaining as much as 14% during the session. However, the rally came against the backdrop of weak quarterly earnings, with the company reporting an 18.72% year-on-year decline in revenue and swinging to a net loss in the September quarter of FY27.
Ashoka Buildcon shares climbed 14% to touch an intra-day high of ₹117.36. The stock had opened at ₹108.62, compared with its previous closing price of ₹103. Despite Wednesday's sharp gains, it remained significantly below its 52-week high of ₹204.15, recorded in November 2025. Its 52-week low stood at ₹95.40, touched in October 2026.
The latest contract involves completing the balance construction work on an eight-lane, access-controlled section of the expressway between Karvad and Jujuwa in Gujarat. The project covers a stretch of 26.6 km, extending from Km 128.0 to Km 154.6.
Ashoka Buildcon will execute the project under the engineering, procurement and construction (EPC) model. The contract is valued at ₹865.90 crore, excluding Goods and Services Tax (GST).