Ashoka Buildcon gains after receiving LOA for expressway project

Ashoka Buildcon rose 2.11% to Rs 96.9 after the company said it received letter of award (LoA) for development of Bundelkhand Expressway project in Uttar Pradesh.

Ashoka Buildcon said the contract is on EPC (engineering, procurement, construction) basis and it was awarded by Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The accepted bid value of the project is Rs 1,079.52 crore.

Earlier, the company had received a Letter of Award (LOA) from National Highways Authority of India (NHAI) for constructing four lane road of NH-161 from Kandi to Ramsanpalle in Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode.

Ashoka Buildcon has surged 3.91% in last one week. On the technical front, the stock currently trades below its 50, 100 and 200 days simple moving averages placed at 99.81, 108.3 and 118.43 respectively.

The stock's RSI (relative strength index) stood at 48.84. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Ashoka Buildcon is engaged in construction & maintenance of roads and supporting services to land support-operation of toll roads.

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