Ashoka Buildcon adds over 40% in eight days

Ashoka Buildcon jumped 4.32% to Rs 100.15, extending gains for eight consecutive session.

The stock has added 40.07% in eight sessions from its recent closing low of Rs 71.50 recorded on 25 November 2020.

In the past six months, the stock has zoomed 80.74% while the benchmark Sensex has risen 32.56% during the same period.

Meanwhile, the media reported that Actis LLP, a private equity firm, is in talks to acquire highways infrastructure firm Ashoka Concessions, a subsidiary of Ashoka Buildcon, in a deal having an equity value of about $350 million. Actis reportedly plans to pick up a 100% stake in Ashoka Concessions. The deal could potentially have an enterprise value of about $1.2 billion.

 

Ashoka Concessions, a subsidiary company of Ashoka Buildcon, has been floated with the purpose of bringing under one umbrella, the BOT/annuity based highway projects of Ashoka.

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

The company's consolidated net profit soared 514.50% to Rs 70.42 crore on 14.6% increase in net sales to Rs 1,189.31 crore in Q2 September 2020 over Q2 September 2019.

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