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Ashoka Buildcon gains after JV emerges as lowest bidder for Rs 611-cr project

Ashoka Buildcon rose 2.89% to Rs 74.75 after the companys joint venture with Cube Construction Engineering emerged as the lowest bidder for a construction project in Rajasthan.

July 04, 2022 1:30 IST | capital market
The JV firm had submitted its bid to Department of Information Technology & Communication, Government of Rajasthan, for the project viz. request for proposal for selection of agency for construction and maintenance of Rajiv Gandhi Fintech Digital Institute, Jodhpur. The joint venture emerged as the lowest bidder at the financial bid opening meeting held on 1 July 2022. The awarded bid project cost for the project is Rs 611 crore. The share of the company in JV is 65%. The construction period is 18 months from commencement date. Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support-operation of toll roads. The companys consolidated net profit rose 58.59% to Rs 225.93 crore on a 12.78% increase in sales to Rs 1,957.29 crore in Q4 FY22 over Q4 FY21.Powered by Capital Market - Live News

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