Ashoka Buildcon share price rose more than 2 percent in the opening trade on November 26 after the company received Letter of Award (LOA) for the project of Rs 1,391 crore.
At 09:21am, Ashoka Buildcon was quoting at Rs 239.10, up Rs 6.00, or 2.57 percent, on the BSE.
National Highways Authority of India (NHAI) has awarded the project for development of 4 lane economic corridor from Bowaichandi to Guskara-Katwa Road Section Km 89.814 to Km 133.000 of NH 116A (Package-3) in the state of West Bengal under Hybrid Annuity Mode (HAM) to be executed in 910 days including monsoon.
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The highway developer reported four-fold year-on-year (YoY) jump in net profit to Rs 462 crore in Q2FY25 from Rs 106 crore in the year-ago period. The company's revenue from operations also increased by 15.5 percent YoY to Rs 2,489 crore in Q2FY25.
Recently, the company was declared lowest bidder for a project worth Rs 312.13 crore from Maharashtra State Electricity Transmission Co. 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.
Last month, the company announced its acquisition of an additional 34 percent stake in Ashoka Concessions (ACL) for Rs 1,526 crore. This acquisition will make ACL a wholly-owned subsidiary of Ashoka Buildcon.
The share touched a 52-week high of Rs 284.75 and a 52-week low of Rs 130.95 on 06 September, 2024 and 21 December, 2023, respectively.
Currently, the stock is trading 16.03 percent below its 52-week high and 82.59 percent above its 52-week low.
The share price rose 75 percent in the last one-year.
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