Ashoka Buildcon spurts after new order win

Ashoka Buildcon advanced 7.2% to Rs 128.85 at 11:51 IST on BSE after the company announced receipt of a letter of acceptance for railway project from Rail Vikas Nigam.

The announcement was made on Saturday, 8 December 2018.

Meanwhile, the S&P BSE Sensex was down 542.39 points or 1.52% at 35,130.86

On the BSE, 94,000 shares were traded on the counter so far as against the average daily volumes of 8,551 shares in the past two weeks. The stock had hit a high of Rs 134.40 and a low of Rs 120.10 so far during the day.

Ashoka Buildcon said that the company has received Letter of Acceptance by Rail Vikas Nigam, for the project viz. 'construction of roadbed, bridges, supply of ballast, installation of track (excluding supply of rails, and track sleepers), electrical (general electrification), provision of OHE, signaling and telecommunication works in connection with third line from Sonnagar to Garhwa Road in Dhanbad division of East Central Railway,' in the States of Bihar and Jharkhand (Project) in 2 packages (Package 1 & Package 2). The company had bid the Project in Joint Venture with Story Tech Services LLC, wherein the company is a lead member. The aggregate accepted bid value of the project is Rs 794.20 crore.

Ashoka Buildcon's net profit rose 124.39% to Rs 62.09 crore on 101.85% growth in net sales to Rs 764.42 crore in Q2 September 2018 over Q2 September 2017.

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

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