Ashok Buildcon Stock Rises 2% On Rs 478 Cr Project Win
The Rs 478 crore engineering, procurement and work project is supposed to be completed within 36 months including monsoon period
Ashoka Buildcon stock price surged over 2 per cent in the Monday trading session after the firm emerged as a lowest bidder for Mumbai Metropolitan Region Development Authority project (MMRDA).
Ashok Buildon stock traded at Rs 236 with 1.63 per cent gain in the afternoon session on the National Stock Exchange (NSE).
“Ashoka Buildcon informs that the company had submitted a bid to MMRDA for the project and emerged as the Lowest Bidder (L-1) for the said project,” stated Ashok Builcon in an exchange filing.
The project included design and construction of elevated road from Kalyan- Murbad road (Palms Water Resort) to Badlapur road (Jagdish Dughdhalaya) to Pune link road parallel to Waldhuni river crossing over Karjat- Kasara railway line including slip road.
The Rs 478 crore engineering, procurement and work project is supposed to be completed within 36 months including monsoon period.
The company was chosen by MMRDA earlier this month for two projects totalling Rs 1,280 crore.
In its quarterly results, the company registered a 148 per cent increase in net profit in the quarter that ended in June 2024, coming in at Rs 40.78 crore as opposed to Rs 16.44 crore year over year.
The stock also reflected the company’s performance and rose 70 per cent in the year 2024 so far.
 (1)_20240712174244_original_image_10.webp)
