Ashoka Buildcon vaults after getting extension in concession period for project

Ashoka Buildcon jumped 5.64% to Rs 197.55 at 14:40 IST on BSE after the company announced that the Public Works Department of Maharashtra has given an extension in concession period by one year for a road project.

The announcement was made during market hours today, 11 September 2017.

Meanwhile, the S&P BSE Sensex was up 239.08 points, or 0.75% to 31,926.60. The S&P BSE Mid-Cap index was up 143.45 points, or 0.91% to 15,898.20.

On the BSE, 57,407 shares were traded in the counter so far, compared with average daily volumes of 59,951 shares in the past one quarter. The stock had hit a high of Rs 201.20 and a low of Rs 189.75 so far during the day. The stock had hit a record high of Rs 231.55 on 7 April 2017. The stock had hit a 52-week low of Rs 133.70 on 9 November 2016.

The stock had outperformed the market over the past one month till 8 September 2017, gaining 3.06% compared with 1.02% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 0.59% as against Sensex's 1.52% rise. The scrip had, however, outperformed the market in past one year, gaining 9.32% as against Sensex's 9.1% rise.

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

Ashoka Buildcon announced that the Public Works Department of Maharashtra (PWD) has given to the company an extension in concession period by one year up to 9 September 2018 for its project namely, four laning of long road sections from Ahmednagar to Ghodegaon and three laning from Ghodegaon to Wadala under build-operate-transfer (BOT) basis on state highway 60.

The toll notification is issued under the approved variation order by the state government of Maharashtra. The toll revenue for Q1 June 2017 of the project is Rs 6.44 crore.

Ashoka Buildcon's net profit jumped 101.3% to Rs 61.94 crore on 54.3% rise in net sales to Rs 722.82 crore in Q1 June 2017 over Q1 June 2016.

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

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