Ashoka Buildcon jumps 11% as arm bags Rs 1,000 crore order

Shares of Ashoka Buildcon climbed over 11 per cent in Monday’s trade after an arm, Ashoka Concessions, received a Letter of Award (LOA) from NHAI for a highway project in Telangana worth Rs 1,000 crore.

Following the development, the scrip jumped 11.58 per cent to hit a high of Rs 104.05 on BSE.

"ACL has received a LOA from NHAI for the project viz Four laning of NH-161 from Kandi to Ramsanpalle in the State of Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode. The accepted Bid Project Cost is Rs 1,000 crore" it said in a BSE filing.


Earlier this week, the company had said that ACL had submitted its bid for the said project and had emerged as the lowest bidder at the financial bid opening meeting held on November 18.

The company has reported a consolidated net profit of Rs 11.45 crore for the quarter ended September 30. This is against a net loss of Rs 3.69 crore in the corresponding quarter of last year.

The shares of the company closed 3.43 per cent higher at Rs 96.45 on BSE.