Ashoka Buildcon Secures ₹1,668 Crore CIDCO Project

11 Oct 2024 , 10:56 AM

Ashoka Buildcon Ltd shares surged over 5%, reaching an intraday high of ₹252.4 on the BSE on October 10, 2024. The rally came after the company announced securing a project worth ₹1,668 crore through its joint venture (JV).

At the time of writing on October 11, 2024 at 10:48 am, shares of Ashoka Buildcon Ltd is trading at ₹250.26 which is a 2.55% gain than the porevious close. Ashoka Buildcon Ltd has gained 89% in the last one year, and 82% since the beginning of the year.

The JV firm, Ashoka JV, was declared the lowest bidder for an engineering, procurement, and construction (EPC) project awarded by the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO).

Ashoka Buildcon is the lead member of the JV, as stated in its filing to the stock exchanges.

The project involves integrated infrastructure development for 20M, including wide roads, flyovers, minor bridges, and electrical works under the NAINA project.

The contract is valued at ₹1,667.78 crore and will be executed within a set timeline from the commencement date.

Ashoka Buildcon Ltd operates in the construction and infrastructure sector, utilizing EPC and build-operate-transfer (BOT) models. Year-to-date, the company’s stock has gained nearly 80%, delivering 87% returns over the past year.