Ashoka Buildcon’s share price surged over 3% in early trading on August 26, 2024, after the company was awarded a project worth ₹478 crore by the Mumbai Metropolitan Region Development Authority (MMRDA).
On the Bombay Stock Exchange (BSE), the stock was trading at ₹ 239.85 at 09:21 AM, with an increase of ₹ 7.45 or 3.21%.
The Company was emerged as the lowest bidder in the EPC work of design and construction of an elevated road from Kalyan-Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dughdhalaya) to Pune Link Road. The works also include the construction of a slip road and crossing of the Karjat-Kasara railway line over Waldhuni River. The total time under which the project would be completed including the monsoon period is 36 months.
In the quarter ending June 2024, Ashoka Buildcon reported a significant 148% increase in its net profit, reaching ₹40.78 crore, compared with the last year’s figure of ₹16.44 crore.
It is important to note that ICICI Securities has recently given an ‘reduce’ rating on the stock with a target price of ₹215. However, this new project win, along with two other projects worth ₹1,280 crore from MMRDA earlier this month, signals positive momentum for the company.
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Source: Moneycontrol
News Desk
