Shares of Ashoka Buildcon surged more than 4% on 3 October despite the overall market outlook remains bearish.

The positive movement in the shares was seen after the company announced receiving a letter of award from the Mumbai Metropolitan Region Development Authority (MMRDA) for a project valued at Rs 474.10 crore.

The project includes designing and building an elevated road that crosses the Karjat-Kasara Railway Line parallel to the Waldhuni River Crossing from Kalyan Murbad Road (Palms Water Resort) to Badlapur lane (Jagdish Dughdhalaya) to Pune Link Road, including a slip lane.

According to information provided in an exchange filing by Ashoka Buildcon, the order must be finished in 30 months, including the monsoon season.

The infrastructure company also received two further letters of award for contracts totalling Rs 1,264 crore. Among these are the planning and building of two stream bridges: one from Gaimukh to Payegaon and the other from Kolshet to Kalher.

The completion time for these projects, which span the monsoon season, is 36 and 42 months, respectively.

Ashoka Buildcon Limited is a Fortune India 500 firm that works on Build-Operate-Transfer (BOT), Hybrid Annuity Model (HAM), and Engineering, Procurement, and Construction (EPC) projects and is a prominent player in India’s highway construction. 

The shares have increased by 95% in the last 12 months, almost doubling the capital of investors. By contrast, the Nifty experienced a 32% increase over this time.

At 11:36 am, the shares of Ashoka Buildcon were trading 3.19% higher at Rs 244.30 on NSE.

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