Ashoka Buildcon extends Wednesday's gains

Ashoka Buildcon rose 2.57% to Rs 79.70 on firm's subsidiary receiving fourth tranche of investment of Rs 133 crore

Ashoka Buildcon rose 2.57% to Rs 79.70 at 13:14 IST on BSE, with the stock extending Wednesday's gains triggered by the firm's subsidiary receiving fourth tranche of investment of Rs 133 crore.

Meanwhile, the S&P BSE Sensex was down 114.95 points or 0.51% at 22,436.54.

On BSE, so far 4,513 shares were traded in the counter as against average daily volume of 89,000 shares in the past two weeks.

The stock hit a high of Rs 79.85 and a low of Rs 78 so far during the day.

Shares of Ashoka Buildcon have surged 5.7% in two trading sessions from a recent low of Rs 75.40 on 1 April 2014, after the company during trading hours on Wednesday, 2 April 2014 said its subsidiary has received fourth tranche of investment of Rs 133 crore for equity investments into various under construction projects. The stock had surged 3.05% to settle at Rs 77.70 on Wednesday, 2 April 2014.

Ashoka Buildcon said that its subsidiary viz. Ashoka Concessions (ACL), has further received fourth tranche of investment of Rs 133 crore, which will be utilized for equity investment into various under construction projects. ACL has received total investment of Rs 623 crore till date, Ashoka Buildcon said.

Ashoka Buildcon's consolidated net profit surged 165.7% to Rs 33.56 crore on 2.6% decline in net sales to Rs 417.88 crore in Q3 December 2013 over Q3 December 2012.

Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.