Ashoka Buildcon up 7% on lowest bid for Chennai project
Ashoka Buildcon and GVR Infra Projects - a consortium (50%:50%) have emerged as the lowest bidder for the road project in Chennai. The stock gained as much as 6.66 percent to touch an intraday high of Rs 213 on Wednesday.
December 26, 2012 / 12:44 IST
Ashoka Buildcon and GVR Infra Projects - a consortium (50%:50%) have emerged as the lowest bidder for the road project in Chennai. The stock gained as much as 6.66 percent to touch an intraday high of Rs 213 on Wednesday.
"The project (Development of Chennai outer ring road phase III from Nemilicheri in NH 205 to Minjur in Thiruvottiyur - Ponneri - Panchetti road on design, build, finance, operate and transfer annuity basis in Chennai, in the state of Tamil Nadu) is on annuity basis with a concession period of 20 years and TNRDC cost of the project is Rs 985.44 crore," the company said in a release.At 11:45 hours IST, the stock gained 3.88 percent to Rs 207.45 amid large volumes.Trading volumes increased 78.45 percent to 2,131 shares as compared to its five day average of 1,194 shares on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 1,092.24 crore.Also Read
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