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Shares of construction firm Carso Infraestructura y Construccion SAB (CICSA.MX) extended their gains Tuesday, rising more than 8% after it announced a joint venture with Bronco Drilling Company Inc. (BRNC) to expand its oil services business in Latin America.

The B-1 shares of Cicsa, as the company is known, were nearly 8.3% higher, at 7.58 pesos ($0.57) on the Mexican Stock Exchange, less than an hour from the close, adding to Monday's 4.8% gain.

The shares are up 3.7% so far this year, compared to a 32% rise in Mexico's benchmark IPC stock index.

"The poor performance of the shares isn't justified, having posted important growth in sales and Ebitda of 14% and 106% respectively in the last 12 months," Ixe Casa de Bolsa analysts said in a note.

Cicsa, a unit of conglomerate Grupo Carso SAB (GCARSO.MX) controlled by Mexican billionaire Carlos Slim, said Monday that it had reached an agreement to buy a 60% stake in Bronco Drilling's local unit.

The joint venture, Bronco Drilling MX, will provide oil and gas drilling services in Mexico and other Latin American countries.

Bronco Drilling MX currently has six drilling rigs, ancillary equipment, and two drilling contracts with Mexican state oil monopoly Petroleos Mexicanos, or Pemex.

Bronco said it will contribute three more rigs to the venture when those contracts are completed.

"Cicsa will show even more aggressive growth once it consolidates the operations of this subsidiary," Ixe analysts wrote.

Slim, whose holdings include telecommunications firms and a major bank, has increased his exposure to the oil industry in recent years through Cicsa, whose Swecomex subsidiary builds offshore platforms for Pemex.

-By Ken Parks, Dow Jones Newswires, 52-55-5001-5723, ken.parks@dowjones.com