Ashoka Buildcon rallies 9% on Rs 494.5 crore order win from MSEDCL

NEW DELHI: Ashoka Buildcon Ltd rallied as much as 8.9 per cent in morning trade on Wednesday, a day after the company said that it has received orders valued at Rs 494.50 crore from Maharashtra State Electricity Company Ltd ( MSEDCL).

At 09:30 a.m.; the stock was trading 6 per cent higher at Rs 47.35. It has hit a low of Rs 46.55 and a high of Rs 48.45 in trade today on the Bombay Stock Exchange.

The stock rallied as much as 8.9 per cent on the National Stock Exchange to touch its intraday high of Rs 48. The stock pared some of the gains and was trading 7.1 per cent higher at Rs 47.20.

In a BSE filing, the Maharashtra-based firm said it has received "Letter of Awards" for four turnkey contracts for electrification work "aggregating to Rs 494.50 crore."

The company had in August 7 said that it had a total of Rs 3,206 crore order out of which Rs 2,981 crore in highway segment and the remaning Rs 225 crore in power transmission and distribution sector.

Angel Broking in a morning note maintained its 'Buy' rating on the stock with a target price of Rs 60.