Ashoka Buildcon rises; JV emerges as L-1 for rail project

Ashoka Buildcon in a joint venture with Storytech Services LLC emerged as the lowest bidder (L-1) for the railway project by Rail Vikas Nigam.

The project includes constructions of minor bridges, supply of ballast, roadbed, installation of track (excluding supply of rails and PSC slappers and thick web switches), electrical (general electrification and railway electrification), signaling and telecommunication works to double the track between Kakrala (excluding) halt and Haldiya (including) in Ambala division of Northern Railway, Punjab.

The company emerged as the lowest bidder for Package 2, the quoted value of which is Rs. 443.23 crore with a completion period of 36 months for package.

Ashoka Buildcon reported a standalone sales from operations of Rs. 1,065.2 crore for the period ended December 2018 as against Rs. 658.92 crore in the corresponding quarter last year, registering a growth of 61.62 per cent. The net profit for the company stood at Rs. 62.18 crore for the period ended December 2018, up 19.59 per cent as against Rs. 51.99 crore.

On Tuesday, Ashoka Buildcon was trading at Rs. 128.45 per share , up 6.03 per cent on the BSE.