The rise in share price came after the company announced that its joint venture (JV) had emerged as the lowest bidder for a Rs 1,667.78 crore project of City & Industrial Development Corporation of Maharashtra Limited (CIDCO).
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In an exchange filing, the company said, “Ashoka Buildcon Limited (“the Company”) informs that the Company has submitted a bid for the project to City & Industrial Development Corporation of Maharashtra Limited (CIDCO) in Joint Venture, where the Company is located. Lead member of JV. (“Ashoka JV”). Further to inform that the Ashoka JV has been declared the Lowest Bidder (L-1) for the said project.”
The quoted bid price for the project by Ashoka Buildcon JV was Rs 1,667.78 crore, excluding GST, the company said.
Under the terms of the contract, the company will be responsible for the integrated development of the infrastructure of wide roads of 20 meters and higher, the construction of various large and small structures (such as viaducts, small bridges, VUPS, PUPS, etc.) and related electrical works (street works). light) in TPS – 10 & TPS – 11 under NAINA project.
The order must be fulfilled within 1,460 days from the effective date.
Ashoka Buildcon Ltd specializes in construction and infrastructure development and operates on an EPC (Engineering, Procurement and Construction) and BOT (Build, Operate, Transfer) basis. The company is also involved in the production and sale of Ready Mix Concrete (RMC). As a Fortune India 500 company, Ashoka Buildcon is a leading player in the Indian highway development sector.
The company operates as an integrated entity for EPC, BOT and HAM (Hybrid Annuity Model) projects. Key segments include highways and bridges, energy (EPC), railway works, buildings (EPC), city gas distribution and smart infrastructure. With experience in executing or currently handling 41 Public Private Partnership (PPP) projects, Ashoka Buildcon has a wide footprint in over 20 states in India.
The market capitalization of the Ashoka Buildcon stands at Rs 6,995.62 crore, according to BSE.
At 12:02 pm, Ashoka Buildcon shares were trading 3.94 percent higher at Rs 249.20 per share. In comparison, BSE Sensex was trading 0.29 percent higher at 81,701.20 levels.
First publication: October 10, 2024 | 12:07 pm IST