Morgan Stanley's investment announcement lifts share price of Ashoka Buildcon

Shares of Ashoka Buildcon Tuesday surged over 3 per cent after the company's city gas distribution unit raised Rs 150 crore from the US-based Morgan Stanley.

On the BSE, the shares rose 3.38 per cent to close at Rs 131.50. During the day, the stock had jumped 8.25 per cent to Rs 137.70.

The scrip gained 2.74 per cent to settle at Rs 131.10 on the NSE. It touched an intra-day high of Rs 137.95, 8.11 per cent higher from the previous close. In terms of equity volume, a total of 1.04 lakh shares were traded on the BSE while over 10 lakh shares changed hands on the NSE.

Ashoka Buildcon in a regulatory filing Monday announced "Rs 150 crore investment commitment into its city gas distribution business, Unison Enviro Private Limited, by Morgan Stanley India Infrastructure".

Unison Enviro is a subsidiary of Ashoka Buildcon which builds and operates city gas distribution.