Ashoka Buildcon share price jumped more than 3 percent in the opening trade on August 26 after the company bagged a project worth Rs 478 crore.
At 09:21, Ashoka Buildcon was quoting at Rs 239.85, up Rs 7.45, or 3.21 percent, on the BSE.
Mumbai Metropolitan Region Development Authority (MMRDA) has declared the company as the lowest bidder for EPC work for the design and construction of an elevated road from KalyanMurbad 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 project is to be executed in 36 months including the monsoon period.
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In the quarter ended June 2024, the company posted a 148 percent jump in its net profit at Rs 40.78 crore versus Rs 16.44 crore, YoY.
In the previous week, the broking house ICICI Securities has downgraded the stock to 'reduce' with a target of Rs 215.
Earlier this month, MMRDA selected the company for two projects worth Rs 1,280 crore.
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