Ashoka Buildcon drops after NHAI cancels highway project worth Rs 1,400 cr

Ashoka Buildcon declined 2.51% to Rs 235.30 after the National Highways Authority of India (NHAI) cancelled the tender of 4 lane highway project in West Bengal, where the company was the lowest bidder (L1).

The tender was for the development of a 4-lane economic corridor from Kharagpur to Chandrakona Ghatal (Package-I) in West Bengal under the hybrid annuity mode (HAM).

The said project has been cancelled by NHAI for administrative reasons. NHAI has issued fresh re-bid notice for said highway project and the company is eligible for re-bidding

On 18 November 2024, the said order was received from NHAI, with a project cost of Rs 1,400 crore.

 

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

The companys consolidated net profit surged 334.15% to Rs 462.46 crore on 15.53% jump in revenue from operations to Rs 2488.93 crore in Q2 FY25 over Q2 FY24.

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