Shares of Ashoka Buildcon gained more than 2 percent on October 3 as the infrastructure company received a letter of award for a project worth Rs 474.10 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).
The project involves the design and construction of an elevated road from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dughdhalaya) to Pune Link Road parallel to Waldhuni River Crossing over Karjat-Kasara Railway Line including slip road.
The order has to be completed within 30 months including the monsoon period, Ashoka Buildcon Informed in an exchange filing.
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Additionally, the infra firm bagged two more letters of award for contracts worth Rs 1,264 crore. These include the design and construction of a creek bridge from Kolshet to Kalher and another from Gaimukh to Payegaon.
These projects are to be completed within 36 months and 42 months, respectively, including the monsoon period.
Ashoka Buildcon Limited, a Fortune India 500 company, is a major player in highway development in India, involved in Engineering, Procurement, and Construction (EPC), Build-Operate-Transfer (BOT), and Hybrid Annuity Model (HAM) projects.
At 9:18 am, shares of Ashoka Buildcon settled over 2.8 percent higher at Rs 243.40 on the National Stock Exchange (NSE) in the previous session. The stock has surged 73 percent so far this year, outperforming Nifty's returns of 18 percent.
In the past 12 months, the counter has zoomed 95 percent, nearly doubling investors' capital. In comparison, Nifty rose 32 percent during this period.
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