Ashoka Buildcon surges on bagging L1 status

The stock of Ashoka Buildcon was up more than 9 per cent on Thursday as the company was declared as the Lowest Bidder by the NHAI for the Tumkur – Shivamogga section, near Bengaluru, Karnataka.

The National Highways Authority of India (NHAI) had invited tender for the building the Tumkur - Shivamogga Section from (170.415 to 226.750 km) from Bettadahalli Shivamogga (Package IV) on Hybrid Annuity Mode (HAM) basis under the prestigious Bharatmal project in Karnataka.

On Thursday, Ashoka Buildcon Limited (ACL) was declared as the Lowest Bidder under the financial bid category, informed the company through a filing on the bourses during the last trading session of the day.

Reacting to the announcement, the stock of Ashoka Buildcon zoomed up to Rs. 122.15 per share, up by Rs. 10.25 or 9.16 per cent at 15:04 hours on Thursday. The stock opened at Rs. 113.00 per share and hit a intraday high of Rs. 124.00 or intraday low of Rs. 109.60 on BSE. Meanwhile, the benchmark index BSE Sensex was at 35,903.87, up by 147.61 points or 0.41 per cent.