Ashoka Buildcon shares jump 12% on receiving LoA from Rail Vikas Nigam
Ashoka Buildcon after it secured letter of acceptance (LoA) from Rail Vikas Nigam Limited, for projects in Bihar and Jharkhand. The aggregate accepted bid value of the project is Rs 794.20 Crore.
- Dec 10, 2018,
- Updated Aug 7, 2019 1:02 PM IST
Shares of Ashoka Buildcon rallied nearly 12 per cent on Monday, in an otherwise weak market, after the engineering and construction company said that it has secured letter of acceptance (LoA) from Rail Vikas Nigam Limited, for projects in Bihar and Jharkhand.
"The company has received Letter of Acceptance by Rail Vikas Nigam Limited, for the Project viz. 'Construction of roadbed, bridges, supply of ballast, Installation of track (excluding supply of rails, and track sleepers), Electrical (General Electrification), Provision of OHE, Signaling and telecommunication works in connection with 3rd Line from Sonnagar to Garhwa Road in Dhanbad Division of East Central Railway,' in the States of Bihar and Jharkhand ('Project') in 2 packages (Package 1 & Package 2)," Ashoka Buildcon said in a filing to the Bombay Stock Exchange.
Boosted by the development, shares of the company surged as much as 11.81 per cent in intra-day trade to Rs 134.40 apiece on the BSE, after opening flat at Rs 120.80. The stock touched an intra-day high and low of Rs 134.40 and Rs 120.10, respectively.
In a similar trend, stocks of company were trading at Rs 128.55, up 7.53 per cent on the National Stock Exchange.
Ashoka Buildcon in the exchange filing said that it had bid for the project in a joint venture with Story Tech Services LLC, wherein the company is a lead member.
"The aggregate accepted bid value of the project is Rs 794.20 Crore," the company added.
Last month, the Public Works Dept. of the State of Maharashtra (PWD) has given an extension of 703 days in Concession Period i.e. from December 19, 2018 to November 22, 2020 for its project in the state.
The toll revenue for H1FY19 of the project was Rs 16.46 Crore.
Meanwhile, the BSE 30-share barometer, Sensex, was trading at 35,118.39, down 554.86 points, or 1.56 per cent, after exit polls on Friday indicated that the Bharatiya Janata Party (BJP) risks losing power in Rajasthan and Madhya Pradesh to Congress due to anti-incumbency factor.
Edited by Chitranjan Kumar
Shares of Ashoka Buildcon rallied nearly 12 per cent on Monday, in an otherwise weak market, after the engineering and construction company said that it has secured letter of acceptance (LoA) from Rail Vikas Nigam Limited, for projects in Bihar and Jharkhand.
"The company has received Letter of Acceptance by Rail Vikas Nigam Limited, for the Project viz. 'Construction of roadbed, bridges, supply of ballast, Installation of track (excluding supply of rails, and track sleepers), Electrical (General Electrification), Provision of OHE, Signaling and telecommunication works in connection with 3rd Line from Sonnagar to Garhwa Road in Dhanbad Division of East Central Railway,' in the States of Bihar and Jharkhand ('Project') in 2 packages (Package 1 & Package 2)," Ashoka Buildcon said in a filing to the Bombay Stock Exchange.
Boosted by the development, shares of the company surged as much as 11.81 per cent in intra-day trade to Rs 134.40 apiece on the BSE, after opening flat at Rs 120.80. The stock touched an intra-day high and low of Rs 134.40 and Rs 120.10, respectively.
In a similar trend, stocks of company were trading at Rs 128.55, up 7.53 per cent on the National Stock Exchange.
Ashoka Buildcon in the exchange filing said that it had bid for the project in a joint venture with Story Tech Services LLC, wherein the company is a lead member.
"The aggregate accepted bid value of the project is Rs 794.20 Crore," the company added.
Last month, the Public Works Dept. of the State of Maharashtra (PWD) has given an extension of 703 days in Concession Period i.e. from December 19, 2018 to November 22, 2020 for its project in the state.
The toll revenue for H1FY19 of the project was Rs 16.46 Crore.
Meanwhile, the BSE 30-share barometer, Sensex, was trading at 35,118.39, down 554.86 points, or 1.56 per cent, after exit polls on Friday indicated that the Bharatiya Janata Party (BJP) risks losing power in Rajasthan and Madhya Pradesh to Congress due to anti-incumbency factor.
Edited by Chitranjan Kumar