Ashoka Buildcon rises 4% on emerging lowest bidder for Rs 918-crore project
Source: Business Standard
Ashoka Buildcon shares rose as much as 4 per cent in Friday’s (October 11) intraday trade and registered a high of Rs 253.5 per share. The stock jumped after the construction engineering company was declared as the lowest bidder (L-1) for the construction of flyover arm1 arm-2 at T Junction on Sion Panvel Highway, Mumbai.
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On Thursday, too, another Joint Venture of the company, in which Ashoka Buildcon is the lead member, was declared as the L-1 bidder for an integrated infrastructure development project for 20M and above wide roads, and construction of various major and minor structures (viz. flyover, minor bridges, VUPS, PUPS etc) and allied electrical works (street light) in TPS – 10 & TPS – 11 under NAINA project.
The project was secured from City and Industrial Development Corporation of Maharashtra Limited (CIDCO) for Rs 1,667.78 crore. It has to be completed within 1,460 days from the commencement date.
Ashoka Buildcon is an Indian construction and infrastructure development company that builds highways, roads, bridges, and urban infrastructure. Established in 1976, the company has grown significantly and is involved in various large-scale projects across India. They focus on engineering, procurement, and construction (EPC) contracts, as well as build-operate-transfer (BOT) projects.
With experience in executing or currently handling 41 Public-Private Partnership (PPP) projects, Ashoka Buildcon has a broad footprint across more than 20 states in India.
In the past one year, Ashoka Buildcon shares have gained 85 per cent against Sensex’s rise of 23 per cent.
First Published: Oct 11 2024 | 11:18 AM IST
