Ashoka Buildcon gains after receiving letters of acceptance for contracts

Ashoka Buildcon rose 3.82% to Rs 47.55 at 12:35 IST on BSE after the company said it has received letters of acceptance for three contracts aggregating Rs 32.07 crore from Chhattisgarh State Power Distribution Company.

The announcement was made during trading hours today, 22 October 2013.

Meanwhile, the S&P BSE Sensex was down 61.50 points or 0.29% at 20,832.39.

On BSE, 5,230 shares were traded in the counter as against average daily volume of 1,432 shares in the past two weeks.

The stock hit a high of Rs 49 and a low of Rs 45.90 so far during the day.

Ashoka Buildcon had on 8 August 2013 said that the company emerged as the lowest bidder for contracts aggregating Rs 47.04 crore in Chhattisgarh from Chhattisgarh State Power Distribution Company (CSPDCL).

Ashoka Buildcon's consolidated net profit declined 26% to Rs 30.44 crore on 0.8% growth in net sales to Rs 468.77 crore in Q1 June 2013 over Q1 June 2012.

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

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