Ashoka Buildcon spikes, bags rural electrification project

Ashoka Buildcon informed that the company has received a Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited for rural electrification project. The project amounted to Rs. 169.22 crore.

This project comprises of Works of Package-4 Comprising Ranchi, Khunti, Gumla, Simdega & Lohardaga District in Jharkhand state.

Also, the company's subsidiary Ashoka Concessions Limited (ACL) has been asked to pay Rs. 57.33 crore plus interest to L&T Infrastructure Development Projects Limited for the part of shortfall funding of SPV - PNG Tollway Ltd. The SPV terminated the project in February 2016. In a filing to the exchange, ACL said that it might approach an appropriate forum for setting aside the arbitral award against itself.

The company's overall order book as on Q3FY19 was at Rs. 9,500 crore which translates to a book-to-bill of 3.7x on FY18 EPC revenue, which in turn provides strong revenue visibility for the next 3 to 4 years.

On Monday, the stock of Ashoka Buildcon opened at Rs. 139.30 per share and made an intraday high and low of Rs. 139.50 and Rs. 136 on the BSE. At 11:55 hours, the stock was trading at Rs. 138.25 per share. The stock had hit its 52-week high of Rs. 196.73 on April 30, 2018 and its 52-week low of Rs. 93.15 on October 1, 2018 on the BSE.