Ashoka Buildcon extends Monday's gains

Ashoka Buildcon rose 1.65% to Rs 199.65 at 9:23 IST on BSE, extending Monday's gains triggered by the company getting an extension in concession period by one year for a road project.

Meanwhile, the S&P BSE Sensex was up 117.23 points or 0.37% at 31,999.39. The S&P BSE Mid-Cap index rose 84.87 points or 0.53% at 15,950.75.

On the BSE, 3,554 shares were traded on the counter so far as against average daily volumes of 59,254 shares in the past one quarter. The stock had hit a high of Rs 199.85 and a low of Rs 197 so far during the day. The stock had hit a record high of Rs 231.55 on 7 April 2017 and a 52-week low of Rs 133.70 on 9 November 2016.

The stock had outperformed the market over the past one month till 11 September 2017, advancing 11.53% compared with the Sensex's 2.14% rise. The stock had also outperformed the market over the past one quarter, gaining 5.93% as against the Sensex's 1.98% rise. The scrip had also outperformed the market over the past one year, advancing 14.69% as against the Sensex's 10.71% rise.

The mid-cap company has equity capital of Rs 93.57 crore. Face value per share is Rs 5.

Shares of Ashoka Buildcon have risen 6.76% in two trading sessions to its ruling market price, from its close of Rs 187 on 8 September 2017, after the company during market hours yesterday, 11 September 2017, announced that the Public Works Department of Maharashtra has given an extension in concession period by one year for a road project. The stock had surged 5.03% to settle at Rs 196.40 yesterday, 11 September 2017.

Ashoka Buildcon announced that the Public Works Department of Maharashtra (PWD) has given to the company an extension in concession period by one year up to 9 September 2018 for its project namely, four laning of long road sections from Ahmednagar to Ghodegaon and three laning from Ghodegaon to Wadala under build-operate-transfer (BOT) basis on state highway 60.

The toll notification is issued under the approved variation order by the state government of Maharashtra. The toll revenue for Q1 June 2017 of the project is Rs 6.44 crore.

Ashoka Buildcon's net profit jumped 101.3% to Rs 61.94 crore on 54.3% rise in net sales to Rs 722.82 crore in Q1 June 2017 over Q1 June 2016.

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

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