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Sep 25, 2013, 03.30 PM IST | Source: Moneycontrol.com

Ashoka Buildcon surges 11% on Rs 494 cr order from MSEDCL

"The company has received 'Letter of Awards' for four turnkey contracts for electrification work," it said in a filing to BSE. Out of the total contracts, Rs 155.20 crore is for Barshi, Rs 106.24 crore for Solapur, Rs 117.79 crore for Baramati and Rs 115.27 crore for Kedgoan.

Moneycontrol Bureau

Ashoka Buildcon is on buyers' radar today on the back of Rs 494 crore order from Maharashtra State Electricity Distribution Company ( MSEDCL). Shares of the Maharashtra-based company surged over 11 percent in intraday day on Wednesday.

"The company has received 'Letter of Awards' for four turnkey contracts for electrification work," it said in a filing to BSE.  Out of the total contracts, Rs 155.20 crore is for Barshi, Rs 106.24 crore for Solapur, Rs 117.79 crore for Baramati and Rs 115.27 crore for Kedgoan.

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 Earlier in September, a special purpose vehicle, incorporated by Ashoka Buildcon and GVR Infra Projects, executed a concession agreement with Tamil Nadu government. The agreement is for the development of Chennai Outer Ring Road phase II from Nemilicheri in NH 205 to Minjur in Thiruvottiyur - Ponneri - Panchetti road on design, build, finance, operate and transfer annuity basis at Chennai.

In the joint venture, Ashok Buildcon and GVR hold 50 percent stake each.

At 12:41 hrs Ashoka Buildcon was quoting at Rs 47.50, up Rs 2.50, or 5.56 percent on the BSE.

(Posted by Nasrin Sultana)

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