Ashoka Buildcon jumps as arm inks NHAI deal worth Rs 1,391-cr

Ashoka Buildcon soared 5.13% to Rs 292 after its wholly-owned subsidiary, Ashoka Bowaichandi Guskara Road, has signed concession agreement with the National Highways Authority of India for the development of a 4-lane economic corridor in West Bengal.

The order entails the development of a 4-lane economic corridor from Bowaichandi to Guskara-Katwa road section 89.814 km to 133 km of NH 116A (package-3) in the state of West Bengal under hybrid annuity mode.

The project is valued at Rs 1,391 crore, and it is expected to be completed in 910 days, including the monsoon period. A special purpose vehicle (SPV) has been set up for the project's execution as per the concession agreement.

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

The companys consolidated net profit surged 334.15% to Rs 462.46 crore on 15.53% jump in revenue from operations to Rs 2,488.93 crore in Q2 FY25 over Q2 FY24.

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