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Shares of Ashoka Buildcon gained nearly 10 percent intraday on Friday as investors cheered its award win for develop land parcels in Mumbai.
The company received a Letter of Award ('LoA') from Mumbai International Airport (MIAL) for developing the land parcels located at NS-C02 and NS-C03 in CTS No. 145-A (Part) of Village Sahar ('GVK SKY City Project') located near existing Chhatrapati Shivaji International Airport, Mumbai.
This is for development of commercial or office space of potential built up area of 108,494 sq. metres. for an aggregate lease period of 49 years, it told in a notification to the exchanges.
The company will make payment of refundable security deposit amounting to Rs 329.35 crore and annual lease rental of Rs 15.24 crore to MIAL with an escalation of 15 percent every three years.
The stock gained over 21 percent in the past one month, while its three-day gain stood at 12 percent. At 10:38 hrs, the stock was quoting at Rs 218.00, up Rs 7.00, or 3.32 percent on the BSE. It touched a 52-week high of Rs 231.55.
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