Construction company Ashoka Buildcon's stock surged by as much as 9.05 percent, reaching a record high of Rs 199.90 per share on Monday.

This increase followed the announcement that the company had secured two contracts worth Rs 210.50 million from the Maharashtra State Road Development Corporation (MSRDC).

In an exchange filing, Ashoka Buildcon stated that the company had emerged as the lowest bidder for two projects for the Maharashtra State Road Development Corporation.

The first project entails constructing a major bridge across Jaigad Creek between Tawsal and Jaigad on the Revas Reddi coastal highway (SH (Special) No. 5) in Ratnagiri district, valued at Rs 7.94 billion. This project is to be completed within 36 months, including the monsoon season.

The second project involves building a major bridge across Kundalika Creek between Revdanda and Salav on the Revas Reddi coastal highway (SH (Special) No. 5) in Ratnagiri district, with a value of Rs 13.57 billion. This project is also expected to be finished within 36 months, including the monsoon season.

Established in 1993, Ashoka Buildcon specializes in infrastructure construction on both engineering, procurement, and construction (EPC) and build-operate-transfer (BOT) bases, as well as in the sale of ready-mix concrete.