Ashoka Buildcon’s stock price fell over 2% in early trading on November 4, despite being declared the lowest bidder for a Rs 312.13 crore contract from Maharashtra State Electricity Transmission Company (MSETCL). As of 09:31 am, shares traded at Rs 239.75 on the BSE, down by Rs 5.65 or 2.30%.
The contract involves the establishment of a 400/220 kV substation at Nandgaon Peth, Amravati, along with associated transmission lines under MSETCL’s Amravati Zone, Maharashtra. The project is expected to be completed within 18 months.
This news follows Ashoka Buildcon’s recent acquisition of an additional 34% stake in Ashoka Concessions Ltd (ACL) for Rs 1,526 crore, making ACL a wholly-owned subsidiary.
Ashoka Buildcon reported a 148% y-o-y leap in standalone net profit at Rs 40.8 crore in Q1 results of FY25. The total income of the company rose 22% to Rs 1,900.8 crore as compared to Rs 1,557.2 crore in the same period of the last fiscal.
The stock, which touched a 52-week high of Rs 284.75 in September, is currently trading 13.82% below this peak but is 93.23% above its 52-week low of Rs 127. In the past one year, the stock has risen by 92% and represents the positive investor sentiment about the growth prospects of the company.
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Source: Moneycontrol
News Desk
