 "Ashoka Buildcon receives LOA from Mumbai Airport; stock up 10%")
Ashoka Buildcon moved to its 52-week high of Rs 232, up 10% on BSE in intra-day trade, after the company announced that it has received Letter of Award ('LoA') from Mumbai International Airport Pvt. Ltd. (MIAL) for combined land parcels in Mumbai.
“The LoA has been accepted by the company. The Company will be developing the land parcels located at NS-C02 and NS-C03 in CTS No. 145-A (Part) of village Sahar ('GVK SKY City Project') located near existing Chhatrapati Shivaji International Airport, Mumbai for development of commercial / office space of Potential Built up area of 108,494 sq. Mtrs. (1.17 mn Sq. Ft.) for an aggregate lease period of 49 years,” Ashoka Buildcon said in a BSE filing.
The company will make payment of refundable security deposit amounting to Rs 329.35 crore and annual lease rental of Rs 15.24 crore to MIAL with an escalation of 15% every 3 years, it added.
At 10:01 am; the stock was up 6% at Rs 223, as compared to 0.28% decline in the S&P BSE Sensex. A combined 639,483 shares changed hands on the counter on BSE and NSE so far.
In past two weeks, the stock rallied 24% against 1.4% rise in the benchmark index.
“The LoA has been accepted by the company. The Company will be developing the land parcels located at NS-C02 and NS-C03 in CTS No. 145-A (Part) of village Sahar ('GVK SKY City Project') located near existing Chhatrapati Shivaji International Airport, Mumbai for development of commercial / office space of Potential Built up area of 108,494 sq. Mtrs. (1.17 mn Sq. Ft.) for an aggregate lease period of 49 years,” Ashoka Buildcon said in a BSE filing.
The company will make payment of refundable security deposit amounting to Rs 329.35 crore and annual lease rental of Rs 15.24 crore to MIAL with an escalation of 15% every 3 years, it added.
At 10:01 am; the stock was up 6% at Rs 223, as compared to 0.28% decline in the S&P BSE Sensex. A combined 639,483 shares changed hands on the counter on BSE and NSE so far.
In past two weeks, the stock rallied 24% against 1.4% rise in the benchmark index.
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