Ashoka Buildcon drops after bulk deal

Meanwhile, the BSE Sensex was up 23.59 points or 0.12% at 19,415.45.

On BSE, 2.02 lakh shares were traded in the counter as against average daily volume of 6,054 shares in the past one quarter.

The stock hit a high of Rs 215 and a low of Rs 203.05 so far during the day The stock had hit a record low of Rs 180 on 9 December 2011. The stock had hit a 52-week high of Rs 279.40 on 13 August 2012.

The stock had underperformed the market over the past one month till 5 December 2012, declining 2.17% compared with the Sensex's 3.35% rise. The scrip had also underperformed the market in past one quarter, sliding 16.63% as against Sensex's 12.01% surge.

The company has equity capital of Rs 52.65 crore. Face value per share is Rs 10.

Ashoka Buildcon during trading hours today, 6 December 2012, said that a consortium of the company and GVR Infra Project had jointly submitted its bid with the Karnataka State Highways Improvement Project-II (KSHIP-II), Bangalore for design, build, finance, operate, maintain and transfer (DBFOMT) the existing State Highway (SH-18) from Mudhol to Maharashtra border (approximately 107.937 kilometers) in Karnataka on DBFOMT annuity basis. The consortium emerged as lowest bidder at the bid opening meeting held on Wednesday, 5 December 2012 at Bangalore, Ashoka Buildcon said in a statement. Ashoka Buildcon has 51% stake and GVR Infra Project the remaining 49% stake in the consortium.

The concession period for this project is 10 years and the project cost is Rs 317.60 crore.

Ashoka Buildcon's consolidated net profit jumped 42% to Rs 23.99 crore on 6.2% growth in net sales to Rs 304.43 crore in Q2 September 2012 over Q2 September 2011.

Ashoka Buildcon is a leading highway concessionaire and EPC company.

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