Ashoka Buildcon share price fell more than 2 percent in the early trade on November 4 despite the company declared lowest bidder for a project worth Rs 312.13 crore from Maharashtra State Electricity Transmission Co (MSETCL).
At 09:31am, Ashoka Buildcon was quoting at Rs 239.75, down Rs 5.65, or 2.30 percent, on the BSE.
The said contract is for establishment of 400/220 kV substation at Nandgaon Peth Dist., Amravati alongwith associated transmission lines under Amravati Zone MSETCL, Maharashtra and to be completed in 18 months.
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Last month, the company announced its acquisition of an additional 34 percent stake in Ashoka Concessions Ltd (ACL) for Rs 1,526 crore. This acquisition will make ACL a wholly-owned subsidiary of Ashoka Buildcon.
Ashoka Buildcon posted a 148 percent rise in standalone net profit for Q1 FY25, reaching Rs 40.8 crore compared to Rs 16.4 crore in the same quarter last year.
Total income grew 22 percent year-on-year to Rs 1,900.8 crore, up from Rs 1,557.2 crore in the year-ago period.
The share touched a 52-week high of Rs 284.75 and a 52-week low of Rs 127.00 on 06 September, 2024 and 01 November, 2023, respectively.
Currently, the stock is trading 13.82 percent below its 52-week high and 93.23 percent above its 52-week low.
The share price rose 92 percent in the last one-year.
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