10 Oct , 2024 By : Debdeep Gupta
Ashoka Buildcon shares climbed over 5 percent on October 10 after the company's joint venture, where it is the lead member, emerged as the lowest bidder for a Rs 1,668 crore project, touted by City & Industrial Development Corporation of Maharashtra (CIDCO).
At 12.13 pm, shares of Ashoka Buildcon were trading at Rs 250 on the NSE. The stock has also been on a strong Upmove through the year, surging around 80 percent so far.
The engineering, procurement, and construction (EPC) project involves the integrated development of wide roads, the construction of major and minor structures, and associated electrical works as part of the NAINA project.
Earlier this month, the company secured another project worth Rs 474.10 crore from MMRDA, involving the design and construction of an elevated road from Kalyan Murbad Road to Badlapur Road to Pune Link Road.
Aside from that, it bagged two more letters of award for contracts worth Rs 1,264 crore, which include the design and construction of a creek bridge from Kolshet to Kalher, and another from Gaimukh to Payegaon.
Last month, the company's subsidiary, Viva Highways monetized its land under its real estate portfolio in Hinjewadi, Pune, for Rs 453 crore.
Meanwhile, brokerages anticipate a recovery in Ashoka Buildcon's order book growth in Q2 after a decline in the previous quarter due to the halt in government tenders amid the General Elections. With the resumption of the awarding of capex projects, Elara Capital expects to order
momentum to continue with higher flows in the second half of FY25.
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