Ashoka Buildcon gains after JV emerges as L-1 for construction project

Ashoka Buildcon jumped 4.09% to Rs 249.05 after the company's Joint Venture (JV), Ashoka JV emerged as lowest bidder (L-1) by City & Industrial Development Corporation of Maharashtra (CIDCO) for road construction project.

The company is lead member of JV (Ashoka JV). The said project entails the integrated infrastructure development of 20-meter wide roads, alongside the construction of various major and minor structures, including flyovers, minor bridges, vehicular under passes (VUPS) and Pedestrian Underpasses (PUPS) as well as associated electrical works like street lighting. This project falls under the NAINA initiative, specifically targeting TPS - 10 and TPS - 11.

The company quoted a bid price of Rs 1,667.78 crore and it will be executed within 1,460 days from the commencement date.

Ashoka Buildcon is engaged in construction & maintenance of roads and supporting services to land support-operation of toll roads.

The company has reported a standalone net profit of Rs 40.8 crore in Q1 FY25, which is significantly higher as compared with Rs 16.4 crore in Q1 FY24. Total income jumped 22% YoY to Rs 1,900.8 crore during the period under review.

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