Ashoka Buildcon rises 4% as JV secures LoA for Mithi River cleanup project

The buying on the counter came after the company informed that its JV Adani-Ashoka-Aakshaya received a LoA from BMC

Ashoka Buildcon shares rose 3.9 per cent on the BSE, logging an intra-day high at ₹171.1 per share. The buying on the counter came after the company informed that its joint venture (JV) Adani-Ashoka-Aakshaya received a Letter of Acceptance (LoA) for the Brihanmumbai Municipal Corporation (BMC) project. The project is worth ₹1,815.79 crore.

 

At 9:21 AM, Ashoka Buildcon’s share price was trading 1.52 per cent higher at ₹167 per share on BSE. In comparison, the BSE Sensex was up 0.09 per cent at 84,469.76.

 

The company has a total market capitalisation of ₹4,688.08 crore. Its 52-week high was at ₹319, and its 52-week low was at ₹158.05.  

 

Under the contract, the JV will be responsible for designing, building, and operating under the Mithi River cleanup project (Package III):

• Dry Weather Flow Interception at tidal outfalls (including gate pumps)
• Transfer Sewer construction
• River Training (channel shaping/stabilisation)
• Service Road construction
• Retaining Wall construction
• Allied Works (supporting infrastructure)

 

The time period to complete the design and build work is 48 months, excluding the monsoon period, and further 10 years of operation and maintenance work.

 

In the Adani-Ashoka-Aakshaya JV, Adani Road Transport Limited holds 51 per cent stake, being lead member, Ashoka Buildcon holds 26 per cent and Aakshaya Infra Projects holds 23 per cent.

 

That apart, Ashoka Builcon recently received a letter from BMC for additional scope of work in  an existing project to construct a flyover arm at the T-Junction on Sion Panvel Highway in Maharashtra Nagar. The revised deadline for completing both the existing and additional work is January 13, 2028.

 

Besides, Ashoka Buildcon had received a show cause notice on November 26, 2025, in respect of the construction of the six-lane elevated corridor from Aroor to Thuravoor Thekku section of NH-66.

 

The notice pertained to the incident involving the fall of two precast PSC girders, one of which fell onto a commercial vehicle, causing the fatality of the driver. The company was temporarily suspended from participating in the ongoing or future bids of NHAI for a month or completion of the investigation by the expert committee, whichever is later.

 

However, Ashoka Buildcon denied the allegation that public safety was endangered. The incident in question resulted from circumstances that were sudden, unforeseeable, and not attributable to any lapse in the company’s safety practices, the filing read.