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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