Ashoka Buildcon surges by 4 per cent on arbitral award of Rs. 383 crore

The share price of Ashoka Buildcon recorded a stark rise of over 4 per cent in the intraday trade on Thursday as the company announced that it has received an arbitral award of Rs. 383.3 crore on several claims filed by the company’s subsidiary.  
 
The company’s wholly-owned subsidiary Ashoka Infrastructure had constructed the Pune Shirur road in Maharashtra for which the company received the arbitral award of Rs. 383.80 crore.
 
The company had bagged the project from the Government of Maharashtra, Executive Engineer, Public Works Department, division Pune, which included the four lanning as well as strengthening of Pune Ahmednagar road. The toll collection at the project had stopped in August 2014.
 
In Thursday’s trade, the stock hit an intraday high of Rs. 259 per share and an intraday low of Rs. 252.55 per share on BSE. The stock had touched its 52-week high of Rs. 294.95 per share on April 30, 2018 and its 52-week low of Rs. 171.65 per share on August 11, 2017 on BSE, respectively. 
 
At 12:27 hours IST, the stock was trading at Rs. 255.65 per share, up by 2.65 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 34,537.54 level, up by 0.56 per cent and NSE Nifty50 was trading at 10,476.45 level, higher by 0.44 per cent.