Ashoka Buildcon shares experienced a significant surge of almost 7 percent after announcing the acquisition of an additional 34 percent stake in Ashoka Concessions Ltd (ACL) for Rs 1,526 crore. This acquisition resulted in ACL becoming a wholly-owned subsidiary of Ashoka Buildcon.

At 12:50 PM, the stock was trading around 3 percent higher at Rs 240, marking its fourth consecutive session of gains. Year-to-date, the stock has seen an impressive increase of 75 percent, outperforming the Nifty 50's gain of 11 percent.

As part of the acquisition, Viva Highways, a subsidiary of Ashoka Buildcon, will also acquire a 26 percent equity stake in Jaora Nayagaon Toll Road Company for Rs 150 crore. This move allows Ashoka Buildcon to consolidate its investment in ACL, which manages the group's Build-Operate-Transfer (BOT) and annuity highway projects. Additionally, this acquisition provides an exit for investors such as Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trust.

After experiencing declines in August and September, Ashoka Buildcon shares have rebounded, with a nearly 5 percent increase in October.