Ashoka Buildcon surge by 3 per cent on NHAI order win

Infrastructure development company Ashoka Buildcon surged on the bourses by over 3 per cent in Monday’s intraday trade as the National Highway Authority of India announced that the company is the lowest bidder for a project in Gujarat.

The company’s subsidiary Ashoka Concessions was declared to be the lowest bidder for the project comprising the construction of 8 lane Vadodara Kim expressway in Gujarat under the NHDP Phase - VI on Hybrid Annuity mode. The company had quoted a cost of Rs. 1,687 crore for the project.

In Monday’s trade, the company hit an intraday high of Rs. 233 per share and an intraday low of Rs. 226 per share on BSE. The company had touched its 52-week high of Rs. 268.50 per share on November 29, 2017 and its 52-week low of Rs. 171.65 per share on August 11, 2017 on BSE, respectively.

The company had witnessed a surge of 16.64 per cent in its share price over the last one year. The standalone net profit of the company increased by 21.54 per cent to Rs. 51.99 crore in the third quarter of the financial year 2018 on a yearly basis.

At 1319 hours IST, the company was trading at Rs. 229.25 per share, higher by 1.48 per cent on BSE on Monday. Meanwhile, S&P BSE Sensex was trading at 32,958.22 level, lower by 0.66 per cent and NSE Nifty50 was trading at 10.117.75 level, lower by 0.76 per cent.