Ashoka Buildcon hits record high

Ashoka Buildcon rose 3.72% to Rs 207.75 at 11:56 IST on BSE after the company said that one of its subsidiaries has received letter of acceptance for a highway contract worth Rs 48.96 crore.

The announcement was made during market hours today, 23 December 2015.

Meanwhile, the S&P BSE Sensex was up 249.92 points or 0.98% at 25,840.57.

On BSE, so far 39,000 shares were traded in the counter as against average daily volume of 27,184 shares in the past one quarter.

The stock hit a high of Rs 211.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 206 so far during the day. The stock had hit a 52-week low of Rs 132.80 on 6 February 2015.

The stock had outperformed the market over the past one month till 22 December 2015, surging 10.3% compared with Sensex's 1.07% fall. The scrip had also outperformed the market in past one quarter, jumping 19.12% as against Sensex's 0.24% fall.

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

Ashoka Buildcon said that one the subsidiaries viz. Ashoka Concessions has received letter of acceptance (LoA) from National Highways Authority of India (NHAI) for a project involving a section of National Highway (NH)-4 in Karnataka. The estimated value of the contract is Rs 48.96 crore. Ashoka Concessions has been engaged by NHAI to collect user fee for a period of one year, Ashoka Buildcon said.

On a consolidated basis, Ashoka Buildcon's net profit rose 590.5% to Rs 40.12 crore on 51.3% growth in net sales to Rs 650.59 crore in Q2 September 2015 over Q2 September 2014.

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

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