Ashoka Buildcon up 5% on emerging as lowest bidder for project of Rs 478 cr

The rise in Ashoka Buildcon share price came after the company announced that it has emerged as lowest bidder for project of Rs 478 crore from Mumbai Metropolitan Region Development Authority (MMRDA).

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Ashoka Buildcon shares rise: Share of construction engineering company Ashoka Buildcon jumped as much as 5.42 per cent to hit an intraday high of Rs 245 per share on Monday, August 26, 2024.

The rise in Ashoka Buildcon share price came after the company announced that it has emerged as the lowest bidder (L-1) for a project worth Rs 478 crore from Mumbai Metropolitan Region Development Authority (MMRDA).

In an exchange filing, Ashoka Buildcon said, “Ashoka Buildcon Limited (the Company) informs that the company had submitted a bid to Mumbai Metropolitan Region Development Authority (MMRDA) for the Project. The company has emerged as the Lowest Bidder (L-1) for the said Project.”

Under the terms of project, Ashoka Buildcon will be responsible for designing and construction of elevated road from KalyanMurbad Road (Palms Water resort) to Badlapur road (Jagdish Dughdhalaya) to Pune link road parallel to Waldhuni river crossing over Karjat- Kasara railway line including slip road.

The company will be required to complete the project in 36 months including monsoon period. 

Ashoka Buildcon Ltd specialises in construction and infrastructure development, operating on an EPC (Engineering, Procurement, and Construction) and BOT (Build, Operate, Transfer) basis. The company is also involved in producing and selling Ready Mix Concrete (RMC). As a Fortune India 500 company, Ashoka Buildcon is a leading player in India's highway development sector. 

The company operates as an integrated entity across EPC, BOT, and HAM (Hybrid Annuity Model) projects. Its key segments include Highways & Bridges, Power (EPC), Railway Works, Buildings (EPC), City Gas Distribution, and Smart Infrastructure. With experience in executing or currently handling 41 Public-Private Partnership (PPP) projects, Ashoka Buildcon has a broad footprint across more than 20 states in India.

The market capitalisation of the company is Rs 6,644.72 crore, according to Bombay Stock Exchange (BSE). 

At 10:32 AM, shares of the company were trading 1.85 per cent higher at Rs 236.70 per share. In comparison, BSE Sensex was trading  0.76 per cent higher at 81,703.60 levels.