Ashoka Buildcon receives LOI for project worth Rs254.50 crore; stock soars ~2%

12 Aug 2022 , 10:58 AM

Ashoka Buildcon Limited informed that it has submitted its bid to Provident Housing Limited.

The bid is for the Project Civil and Structural Finishes work for Provident Palmvista Residential Project, at Kalyan.

The company has received the Letter of Intent from the Provident in this regard.

The acceptance contract price has been fixed at Rs254.50 crore excluding taxes.

Further, the company stated that the contract period is fixed at 42 months from the commencement date.

Ashoka Buildcon is a Fortune India 500 company and one of India’s most prominent highway developers. The company is a full-service EPC, BOT, and HAM provider. Its portfolio of 41 PPP projects is the most extensive of any private player in India.

At around 11.00 AM, Ashoka Buildcon was trading at Rs77.75 up by Rs1.6 or 2.1% from its previous closing of Rs76.15 on the BSE. The scrip opened at Rs75.85 and touched intraday high and low of Rs78.30 and Rs75.85 respectively.