Ashoka Buildcon gains as JV emerges highest bidder for TOT project

Shares of Ashok Buildcon has surged 7% to Rs 235 after the JV between the company and Macquarie has emerged as the highest bidder for the first batch of toll-operate-transfer projects from NHAI.

Shares of Ashok Buildcon surged 7% to Rs 235 on the BSE in early morning trade after the joint venture (JV) between the company and Macquarie has emerged as the highest bidder for the first batch of toll-operate-transfer (TOT) projects from National Highways Authority of India (NHAI). The venture bid Rs 96.8 billion for the NHAI project.

The company’s bid was 1.5 times higher than the base price of Rs 62.6 billion. “The base price is a tentative price set by the NHAI. It is a reasonable price, as it will be split into debt and equity and the