Ashoka Buildcon up 5% as JV emerges lowest bidder for order of Rs 1,668 cr | News on Markets

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Ashoka Buildcon up 5% as JV emerges lowest bidder for order of Rs 1,668 cr | News on Markets

2 min read Last Updated : Oct 10 2024 | 12:07 PM IST

Ashoka Buildcon share price: Construction major Ashok Buildcon shares rallied up to 5.27 per cent to an intraday high of Rs 252.40 per share on October 10, 2024.

The rise in the share price came after the company announced that its joint venture (JV) has emerged as the lowest bidder for a project of Rs 1,667.78 crore from City & Industrial Development Corporation of Maharashtra Limited (CIDCO).

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In an exchange filing, the company said, “Ashoka Buildcon Limited (“the company”) informs that the company had submitted a bid for the Project to City & Industrial Development Corporation of Maharashtra Limited (CIDCO) in Joint Venture, where the Company is Lead Member of JV. (“Ashoka JV”). Further to apprise that the Ashoka JV has been declared as the Lowest Bidder (L-1) for the said Project.”

The quoted bid price for the project by Ashoka Buildcon JV was Rs 1,667.78 crore, excluding GST, the company said.

Under the terms of order, the company will be responsible for integrated infrastructure development of 20 metre and above wide roads, 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 order needs to be executed within 1,460 days from the commencement date.

Ashoka Buildcon Ltd specialises in construction and infrastructure development, operating on an EPC (Engineering, Procurement, and Construction) and BOT (Build, Operate, Transfer) basis. The company is also involved in producing and selling Ready Mix Concrete (RMC). As a Fortune India 500 company, Ashoka Buildcon is a leading player in India’s highway development sector.

The company operates as an integrated entity across EPC, BOT, and HAM (Hybrid Annuity Model) projects. Its key segments include Highways & Bridges, Power (EPC), Railway Works, Buildings (EPC), City Gas Distribution, and Smart Infrastructure. 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.

The market capitalisation of the Ashoka Buildcon is Rs 6,995.62 crore, according to BSE.

At 12:02 PM, Ashoka Buildcon shares were trading 3.94 per cent higher at Rs 249.20 per share. In comparison, BSE Sensex was trading 0.29 per cent higher at 81,701.20 levels.

First Published: Oct 10 2024 | 12:07 PM IST