Ashoka Buildcon gains after receiving letter of acceptance for a highway project

Ashoka Buildcon rose 2.47% to Rs 189 at 09:58 IST on BSE after the company announced that a consortium of the company along with Bhartia Infra Projects has received letter of acceptance from National Highways & Infrastructure Development Corporation

The announcement was made after market hours yesterday, 8 March 2016.

Meanwhile, the BSE Sensex was down 167.45 points, or 0.68%, to 24,491.78

On BSE, so far 29,677 shares were traded in the counter, compared with an average volume of 17,526 shares in the past one quarter. The stock hit a high of Rs 194.30 and a low of Rs 188.45 so far during the day. The stock hit a record high of Rs 211.90 on 23 December 2015. The stock hit a 52-week low of Rs 147.10 on 27 April 2015.

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

Ashoka Buildcon announced that a consortium of the company along with Bhartia Infra Projects has received letter of acceptance from National Highways & Infrastructure Development Corporation (NHIDCL) for a highway project in Arunachal Pradesh to be executed in engineering, procurement and construction (EPC) mode. The accepted bid value of the project is Rs 155.81 crore, Ashoka Buildcon said. Ashoka Buildcon's share in the consortium is 49%, the company said.

On a consolidated basis, Ashoka Buildcon's net profit surged 935.9% to Rs 13.26 crore on 32.3% rise in net sales to Rs 602.10 crore in Q3 December 2015 over Q3 December 2014.

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

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