Ashoka Buildcon gains after receiving letters of intent for projects in Bihar

Ashoka Buildcon rose 2.73% to Rs 150.50 at 12:25 IST on BSE after the company announced that it has received letters of intent for five projects from North and South Bihar Power Distribution Co. in Bihar.

The announcement was made during market hours today, 7 December 2016.

Meanwhile, the S&P BSE Sensex was up 40.15 points, or 0.15%, to 26,432.91.

More than usual volumes were witnessed on the counter. On BSE, so far 99,025 shares were traded in the counter, compared with an average volume of 47,068 shares in the past one quarter. The stock hit a high of Rs 155 and a low of Rs 146 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 111 on 7 April 2016.

The stock had underperformed the market over the past one month till 6 December 2016, falling 7.07% compared with the Sensex's 3.23% fall. The scrip had also underperformed the market in past one quarter, declining 10.64% as against the Sensex's 8.92% fall.

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

Ashoka Buildcon said that the total cost of these power distribution projects is Rs 949.88 crore.

Ashoka Buildcon's net profit dropped 32.7% to Rs 30.82 crore on 1.9% fall in net sales to Rs 465.97 crore in Q1 June 2016 over Q1 June 2015.

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

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