Ashoka Buildcon Surges 14% on ₹866 Crore NHAI Order; Sensex, Nifty Rally on FII Inflows and Softer Crude

The Indian stock market witnessed a robust rally today, with the Sensex climbing over 900 points and the Nifty surpassing 25,250, driven by renewed foreign institutional investor inflows and easing crude oil prices. Ashoka Buildcon led individual stock movements, surging 14% after securing a significant ₹865.90 crore NHAI contract, while Kalyan Jewellers also saw a 10% jump following strong Q2 FY27 earnings. This broad-based market strength comes as Moody's revised India's FY27 growth estimate upwards to 7%.

Key highlights

• Ashoka Buildcon: Shares rallied 14% after securing an ₹865.90 crore NHAI contract for a highway project in Gujarat.
• Indian Benchmarks: Sensex gained over 900 points to trade above 82,000, and Nifty 50 rose past 25,250, extending gains post-Diwali break.
• Kalyan Jewellers: Reported a 63.6% year-on-year increase in Q2 FY27 consolidated net profit to ₹427 crore, with shares up 10%.
• BHEL: Secured a domestic order from Power Grid Corporation of India Limited valued between ₹600 crore and ₹900 crore for synchronous condensers.
• Moody's India Outlook: Moody's upgraded India's FY27 economic growth forecast to 7%, citing broad-based momentum and resilience.

Ashoka Buildcon Shares Jump 14% on ₹866 Crore NHAI Contract

Ashoka Buildcon Limited saw its shares surge by as much as 14% during Wednesday's trading session, following the formal award of a substantial contract from the National Highways Authority of India (NHAI). The infrastructure company received the Letter of Acceptance (LoA) for a project valued at ₹865.90 crore, excluding Goods and Services Tax (GST).

What happened

The contract involves completing the remaining construction work on an eight-lane, access-controlled section of the Vadodara–Mumbai Expressway in Gujarat. This 26.6 km stretch, between Karvad and Jujuwa, will be executed under the Engineering, Procurement, and Construction (EPC) model. Ashoka Buildcon had previously emerged as the lowest bidder (L1) for this project, and the receipt of the LoA now formalises the contract, moving it from the bidding stage to execution.

Why it matters

This significant order win adds to Ashoka Buildcon's robust order pipeline and enhances its revenue visibility over the coming years. The company's stock reacted positively to the news, climbing to an intraday high of ₹117.36, compared to its previous closing price of ₹103. This rally occurred despite the company reporting weak quarterly earnings for Q2 FY27, which included an 18.72% year-on-year decline in revenue and a net loss of ₹118.96 crore. The market's focus on future order book strength rather than recent past performance highlights investor confidence in the company's execution capabilities and the broader infrastructure sector's growth prospects. The company had also secured a ₹290.23 crore railway order from North Eastern Railway in October, further diversifying its infrastructure portfolio.

Indian Benchmarks Rally Post-Diwali Break, Sensex Up Over 900 Points

Indian equity benchmarks witnessed a strong rebound on Wednesday, extending their winning streak after a short Diwali break. The Sensex surged over 900 points, while the Nifty 50 crossed the 25,250 mark, driven by a combination of positive global cues, easing crude oil prices, and renewed foreign institutional investor (FII) inflows.

Key market movements

The BSE Sensex was trading at 82,089.52, up 982.87 points or 1.21%, by afternoon, after opening at an eight-month high. Similarly, the NSE Nifty 50 advanced 240 points, or 0.96%, to 25,284.25. Earlier in the session, both indices had seen even sharper gains, with Sensex jumping over 1,300 points and Nifty crossing 25,300. This positive momentum follows a strong performance in November, where both the Nifty 50 and BSE Sensex gained nearly 9% in the first nine days.

Driving factors

Several factors contributed to today's market rally. A significant driver was the softening of crude oil prices, with Brent crude trading around $92 per barrel, a relief for India, a major oil importer. This decline in crude prices was partly attributed to easing geopolitical tensions. Furthermore, foreign institutional investors (FIIs) have turned net buyers in Indian equities, infusing ₹53,739 crore in the first nine days of November. This renewed FII interest, coupled with strong domestic earnings from the second quarter, has provided fundamental support to the rally. Most sectoral indices traded higher, with Nifty PSU Bank leading gains, rising 3.02%, followed by Nifty Bank at 2.29% and Nifty Financial Services at 1.71%, indicating broad-based market strength.

More stocks and market news

BHEL Secures ₹600-900 Crore Order from Power Grid

State-run Bharat Heavy Electricals Limited (BHEL) has received a significant domestic order from Power Grid Corporation of India Limited (PGCIL). The contract is for the establishment of two synchronous condensers in Kalyanpur, Gujarat, and is valued between ₹600 crore and ₹900 crore, excluding GST. The project has an execution timeline of 35 months and involves the design, manufacturing, supply, erection, testing, and commissioning of two +300/-200 MVAR Synchronous Condensers. This order win enhances BHEL's position in grid stabilization equipment, particularly for renewable energy integration in the Jam Khambhaliya Renewable Energy Zone.

Kalyan Jewellers Reports Strong Q2 FY27 Earnings, Shares Up 10%

Kalyan Jewellers India Limited announced a robust financial performance for the second quarter of fiscal year 2027, with its consolidated net profit growing by 63.6% year-on-year to ₹427 crore. This figure includes an exceptional gain of ₹73 crore from the sale of a non-core land parcel. Revenue from operations also saw a significant increase of 31.4% year-on-year, reaching ₹10,323 crore. Following the positive earnings report, Kalyan Jewellers' shares jumped 10% to ₹673.50 on the NSE by 12:29 PM IST. The company's EBITDA increased by 29.7%, though the EBITDA margin slightly edged down to 6.25% from 6.33% a year earlier.

Moody's Ups India's FY27 Growth Estimate to 7%

Global credit rating agency Moody's has revised its economic growth estimate for India for fiscal year 2027, projecting a higher rate of 7%. This optimistic outlook is attributed to broad-based economic momentum and the country's resilience to energy supply shocks. In its Global Macro Outlook 2027-28, Moody's highlighted robust consumption, improving investment dynamics, and strong macroeconomic fundamentals as key factors positioning the Indian economy to sustain growth near 7% over the medium term. However, the agency also noted near-term risks, including household consumption vulnerability to price pressures and potential impacts on agricultural output from a deficient monsoon and El Nino conditions.

Market context

The Indian market is currently experiencing a strong upward trend, with the Sensex trading at 82,089.52 (up 1.21%) and the Nifty 50 at 25,284.25 (up 0.96%) as of 02:00 PM IST. The Nifty Bank index also saw significant gains, rising 2.29%. India VIX, the volatility index, cooled by 2.18% to 17.04 earlier in the day, indicating reduced market apprehension. Global markets showed mixed trends, with Asian markets generally positive, while US markets had seen some profit booking. Brent crude oil prices have eased to around $92.42 per barrel, providing a tailwind for the Indian economy.

Why these stories matter

Today's market rally, fueled by FII inflows and softer crude, signals strong investor confidence in India's economic resilience and corporate earnings. The significant order wins for Ashoka Buildcon and BHEL underscore the robust growth in the infrastructure and capital goods sectors, crucial for India's long-term development. Kalyan Jewellers' strong results highlight healthy consumer demand, particularly in discretionary spending. Moody's upgraded growth forecast provides a positive macro backdrop, reinforcing the narrative of India as a key global growth engine despite lingering global uncertainties.

What to watch next

• Further FII activity and their sustained interest in Indian equities.
• Movement in global crude oil prices and geopolitical developments.
• Upcoming Q2 FY27 earnings reports from other major companies.
• Progress on infrastructure projects awarded to companies like Ashoka Buildcon and BHEL.
• Any further announcements or policy changes from RBI or SEBI.

Sources

• Sahi.com: State-run Bharat Heavy Electricals Limited (BHEL) received an order from Power Grid Corporation of India Limited for the establishment of two synchronous condensers in Kalyanpur, Gujarat. The project is valued between ₹600 crore and ₹900 crore (excluding GST) with an execution timeline of 35 months.
• Livemint: Ashoka Buildcon bags ₹865.90 crore NHAI order: Key project details
• IndiaInfoline: Ashoka Buildcon Shares Jump 14% on ₹866 Crore NHAI Order for Vadodara–Mumbai Expressway
• IndiaTimes: Stock Market Today Live Updates: Sensex jumps over 900 points, Nifty50 adds 1% to rise above 25,200
• IndiaInfoline: Kalyan Jewellers reports Rs 427 crore second-quarter profit on Rs 10,323 crore revenue
• The Hindu: Moody's ups India's FY27 growth estimate to 7% on broad-based momentum

FAQ

1. Why did Ashoka Buildcon shares rise today?

Ashoka Buildcon shares surged by 14% today after the company received a Letter of Acceptance (LoA) for an ₹865.90 crore contract from the National Highways Authority of India (NHAI) for a highway project in Gujarat. This significant order win boosted investor sentiment despite the company's recent weak quarterly earnings.

2. What is driving the Indian stock market rally today?

The Indian stock market rally today is primarily driven by a combination of factors including renewed foreign institutional investor (FII) inflows, easing global crude oil prices, and positive domestic Q2 corporate earnings. These factors have collectively contributed to broad-based market strength.

3. What was BHEL's recent order win?

Bharat Heavy Electricals Limited (BHEL) secured a domestic order from Power Grid Corporation of India Limited (PGCIL) valued between ₹600 crore and ₹900 crore. The order is for the establishment of two synchronous condensers in Kalyanpur, Gujarat, with an execution period of 35 months.

4. How did Kalyan Jewellers perform in Q2 FY27?

Kalyan Jewellers reported a strong performance in Q2 FY27, with its consolidated net profit increasing by 63.6% year-on-year to ₹427 crore. The company's revenue from operations also grew by 31.4% year-on-year to ₹10,323 crore.

5. What is Moody's latest growth forecast for India?

Moody's has revised its economic growth estimate for India for fiscal year 2027 to 7%. This upward revision reflects the country's broad-based economic momentum, improving investment dynamics, and resilience to energy supply shocks.

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.