Ashoka Buildcon gains after winning contracts

Ashoka Buildcon rose 2.45% to Rs 212.95 at 11:19 IST on BSE after the company said it received letters of intent for contracts worth an aggregate Rs 282.73 crore from Jharkhand Bijli Vitran Nigam.

The announcement was made during trading hours today, 11 May 2017.

Meanwhile, the S&P BSE Sensex was up 96.38 points, or 0.32% to 30,344.55.

On the BSE, 42,000 shares were traded in the counter so far, compared with average daily volumes of 6.28 lakh shares in the past one quarter. The stock had hit a high of Rs 217.40 and a low of Rs 207.10 so far during the day. The stock hit a record high of Rs 231.55 on 7 April 2017. The stock hit a 52-week low of Rs 127 on 7 June 2016.

The stock had underperformed the market over the past one month till 10 May 2017, falling 1.17% compared with 1.54% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.37% as against Sensex's 6.77% rise.

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

Ashoka Buildcon informs that the company is in receipt of letters of intent from Jharkhand Bijli Vitran Nigam (JBVNL), for the projects viz. execution of urban electrification works for Ranchi and Medininagar towns in Jharkhand and electric supply to areas covering 12 towns in Jharkahand under Integrated Power Development Scheme (IPDS). The aggregate value of the above work is Rs 282.73 crore.

IPDS is the flagship program of Government of India, Ministry of Power and funded by Power Finance Corporation.

Ashoka Buildcon's net profit spurted 114.7% to Rs 42.70 crore on 17.2% increase in net sales to Rs 517.74 crore in Q3 December 2016 over Q3 December 2015.

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

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