Ashoka Buildcon share price rallied over 11 per cent in early deals on the Bombay Stock Exchange (BSE) on Monday after the highway developer said its subsidiary bagged an order worth Rs 1,000 crore in the state of Telangana.
In an exchange filing on Saturday, Ashoka Buildcon said its arm Ashoka Concessions Limited has received a Letter of Award (LOA) from National Highways Authority of India (NHAI) to develop highways in the State of Telangana. The project includes four laning of NH-161 from Kandi to Ramsanpalle in Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode (HAM).
Boosted by the development, Ashoka Buildcon share price gained as much as 11.58 per cent to touch a high of Rs 104.05, after opening higher at Rs 103.30, against the previous close level of Rs 93.25. The stock was trading 36 per cent below its 52-week high of Rs 155 touched on 30 May 2019. In the last one month, Ashoka Buildcon shares have declined 9 per cent compared to 0.5 per cent growth in the S&P BSE Sensex.
In a similar trend, shares of Ashoka Buildcon were trading 4.99 per cent higher at Rs 97.85 per share on the National Stock Exchange (NSE). The scrip opened higher at Rs 104 and touched an intraday high and low of Rs 104.40 and Rs 96.40, respectively.
For the second quarter ended September 30, 2019, the company has reported a consolidated net profit of Rs 11.45 crore as against a net loss of Rs 3.69 crore in the corresponding quarter of previous fiscal.
Total income during the July-September quarter increased to Rs 1,052.99 crore as against Rs 1,018.13 crore in the year-ago quarter. The company's total expenses rose to Rs 999.90 crore during Q2FY20 as against Rs 983.43 crore in Q2FY19.
Edited by Chitranjan Kumar