Ashoka Buildcon gains on receipt of arbitral award

Ashoka Buildcon advanced 3.27% to Rs 257.20 at 12:45 IST on BSE after the company said its subsidiary has received an arbitral award of Rs 383.80 crore against various claims filed by the company.

The announcement was made during market hours today, 24 May 2018.

Meanwhile, the S&P BSE Sensex was up 232.55 points or 0.68% at 34,577.46.

On the BSE, 36,000 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks. The stock had hit a high of Rs 259 and a low of Rs 252.55 so far during the day. The stock had hit a record high of Rs 294.95 on 30 April 2018 and a 52-week low of Rs 171.65 on 11 August 2017.

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

Ashoka Buildcon said that one of its wholly owned subsidiaries viz. Ashoka Infrastructure (SPV), which had executed Pune Shirur road project in Maharashtra, has received an arbitral award of Rs 383.80 crore, against various claims filed by the SPV. The toll collection at the project had been stopped since 8 August 2014.

Ashoka Buildcon's net profit rose 21.56% to Rs 51.99 crore on 25.75% growth in net sales to Rs 658.92 crore in Q3 December 2017 over Q3 December 2016.

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

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