Ashoka Buildcon gains after winning projects

Ashoka Buildcon rose 1.79 % to Rs 164.70 at 10:28 IST on BSE after the company said it received letters of award for two projects worth Rs 440 crore from Karnataka Road Development Corporation.

The announcement was made during trading hours today, 14 September 2015.

Meanwhile, the BSE Sensex was up 98.08 points, or 0.38%, to 25,708.29.

On BSE, so far 9,631 shares were traded in the counter, compared with an average volume of 18,134 shares in the past one quarter.

The stock hit a high of Rs 168.30 and a low of Rs 160 so far during the day. The stock hit a record high of Rs 205.40 on 15 April 2015. The stock hit a 52-week low of Rs 110.05 on 16 October 2014.

The stock had underperformed the market over the past one month till 11 September 2015, sliding 11.90% compared with 8.10% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 0.37% as against Sensex's 2.88% decline.

The mid-cap company has an equity capital of Rs 93.54 crore. Face value per share is Rs 5.

Ashoka Buildcon announced that it received Letters of Award (LoAs) from Karnataka Road Development Corporation (KRDCL) for building state highway Bagewadi (National Highway-4)-Bailhongal-Saundatti in Karnataka on design, build, finance, operate, maintain and transfer (DBFOMT) annuity basis. The estimated cost of this project as per KRDCL is Rs 235 crore.

Further, the company also won an order for building existing state highway Hungund - Muddebihal - Talikot in Karnataka on DBFOMT annuity basis. The estimated cost of this project as per KRDCL is Rs 205 crore.

On a consolidated basis, net profit of Ashoka Buildcon declined 66.16% to Rs 12.38 crore on 0.21% rise in net sales to Rs 629.87 crore in Q1 June 2015 over Q1 June 2014.

Ashoka Buildcon is a leading highway concessionaire and EPC company.

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