Ashoka Buildcon arm sells land for Rs 453 cr; stock hits life time high

Ashoka Buildcon's subsidiary Viva Highways sold land in Hinjewadi, Pune for Rs 453 crore

Ashoka Buildcon shares gained 6.2 per cent and logged an all time high of Rs 284.75 in a weak market where BSE Sensex slipped over 900 points. However, as of 12:30 PM, shares of Ashoka Buildcon pared some gains and were up 1.51 per cent at Rs 272.15 per share.  

The stock rallied after the company’s subsidiary, Viva Highways, sold a parcel of land in Hinjewadi, Pune.

"This is to inform that Ashoka Buildcon Limited has been apprised by Viva Highways Limited (VHL), a wholly owned subsidiary, that the land owned by it under its Real Estate Portfolio, situated at Hinjewadi, Pune, has been monetised at a total consideration of Rs 453 crore," the filing read.

That apart, the company had an order book of Rs 11,697 crore as of March 31, 2024, as per its annual report.

The order book included roads and railway projects worth Rs 6,214 crore, which constitutes 53 per cent of the total order book. Among road projects, Hybrid Annuity Model (HAM) projects were to the tune of Rs 911 crore, and while engineering, procurement and construction (EPC) road projects were at Rs 4,426 crore.

Meanwhile, railways-related orders were around Rs 877 crore, and power transmission and distribution (T&D) projects were to the tune of Rs 4,796 crore, which together accounts for approximately 41 per cent of the company's total order book.

Apart from that, the rest of the orders are accounted for by the EPC building segment, at Rs 687 crore, which is 6 per cent of the company's order book.

In another filing, Ashoka Buildcon also informed investors that its 31st Annual General Meeting (AGM) will be held on Friday, September 27, 2024, at 12.30 PM.

"We wish to inform you that the 31st Annual General Meeting (AGM) of the Members of Ashoka Buildcon Limited is scheduled to be held on Friday, September 27, 2024, at 12.30 PM," the company's exchange filing read.

In the past one year, Ashok Buildcon shares have given a stellar return of 138.8 per cent, compared to the BSE Sensex's rise of 25 per cent during the year.