Ashoka Buildcon surges as subsidiary receives fourth tranche of investment

Ashoka Buildcon jumped 5.44% to Rs 79.50 at 12:02 IST on BSE after the company said its subsidiary has received fourth tranche of investment of Rs 133 crore for equity investments into various under construction projects.

The announcement was made during trading hours today, 2 April 2014.

Meanwhile, the S&P BSE Sensex was up 55.63 points or 0.25% at 22,502.07.

On BSE, so far 8,803 shares were traded in the counter as against average daily volume of 88,000 shares in the past two weeks.

The stock hit a high of Rs 81.90 and a low of Rs 75 so far during the day.

Ashoka Buildcon said that its subsidiary viz. Ashoka Concessions (ACL), has further received fourth tranche of investment of Rs 133 crore, which will be utilized for equity investment into various under construction projects. ACL has received total investment of Rs 623 crore till date, Ashoka Buildcon said.

Ashoka Buildcon's consolidated net profit surged 165.7% to Rs 33.56 crore on 2.6% decline in net sales to Rs 417.88 crore in Q3 December 2013 over Q3 December 2012.

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

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