Ashoka Buildcon jumps after emerging as L1 for projects

Ashoka Buildcon advanced 11.33% to Rs 255.50 at 9:56 IST on BSE after the company emerged as lowest bidder for road construction projects in Maharashtra.

The announcement was made after market hours yesterday, 20 March 2018.

Meanwhile, the S&P BSE Sensex was up 259.28 points or 0.79% at 33,256.04. The S&P BSE Mid-Cap index advanced 1.1%, outperforming the Sensex.

On the BSE, 68,000 shares were traded on the counter so far as against the average daily volumes of 68,204 shares in the past one quarter. The stock had hit a high of Rs 265 and a low of Rs 237.10 so far during the day. The stock had hit a record high of Rs 268.50 on 29 November 2017 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 it has emerged as the lowest bidder for two highway projects in Maharashtra at the financial bid opening meeting held on 20 March 2018. The aggregate cost quoted by the company for two projects is Rs 447.51 crore.

Ashoka Buildcon's net profit rose 21.6% to Rs 51.99 crore on 25.7% 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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