Ashoka Buildcon wins project worth ₹192 Crore; stock gains ~2%

28 Nov 2024 , 03:10 PM

Shares of Ashoka Buildcon climbed 3% on November 28 after the business received an engineering, procurement, and construction (EPC) deal worth ₹192.59 Crore from Madhya Pradesh Poorv Kshetra Vidyut Vitaran business.

At around 2.57 PM, Ashoka Buildcon was trading 1.82% higher at ₹239.35, against the previous close of ₹235.07 on NSE. 

The project, which will take 24 months to complete, includes the procurement, installation, testing, and commissioning of new 11 kV lines and accompanying equipment as part of the KfW-financed feeder separation programme.

In an unusual turn of events, the construction company won this new contract on the same day that it lost another. Ashoka Buildcon reported that the National Highways Authority of India (NHAI) had cancelled its bid for the Kharagpur-Chandrakona-Ghatal road project (Package-1) in West Bengal for administrative concerns, despite the fact that the business was the lone bidder.

The abandoned project called for the construction of a 41-kilometer length under the Hybrid Annuity Mode (HAM), which is part of the NHAI’s economic corridor plan.

Despite this setback, Ashoka Buildcon still holds a Letter of Award from last week for the Bowaichandi-Guskara-Katwa project (Package-3). This new project, which covers 43 kilometers, adds significantly to the company’s portfolio.

These orders will add to the company’s solid order book, which stood at ₹11,104 Crore at the end of the September quarter, minus L1 projects worth ₹265 Crore and extra LOA for projects received after September 30, totaling ₹4,320 Crore.

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