Ashoka Buildcon Ltd. gained nearly 4 percent in trade on Monday after the company emerged as the lowest bidder (L-1) for the Rs 2,161 crore project of the National Highways Authority of India (NHAI).
The project envisages providing connectivity to the existing RoB near Danapur station (0.231 km), 1.35 km ramps, at-grade improvements to a four-lane section on the Danapur side, and an upgrade of an existing 2-lane carriageway to a 4-lane carriageway on the Bihta-Koilwar section (25.081 km) in Bihar on engineering, procurement, and construction (EPC) mode.
Ashoka Buildcon has also received letters of intent from Dakshinanchal Vidyut Vitran Nigam Ltd. for two projects worth Rs 807.64 crore. The company will develop electricity distribution infrastructure at Aligarh-2 Zone Etah and Kasganj circles in Uttar Pradesh.
The second project involves the development of distribution infrastructure at Agra-1 zone (electricity distribution circle or EDC of Fatehabad, Mainpuri, Firozabad, and EUDC Firozabad), under revamped reforms-based and results-linked, distribution sector scheme.
Recently, Ashoka Buildcon submitted a bid to Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Ltd. (MPPKVVCL) for three projects worth Rs 754.57 crore.
Last month, subsidiaries of Ashoka Buildcon Ltd. - Ashoka Concessions Ltd. (ACL) and Viva Highways Ltd. (VHL) - entered into a share purchase agreement (SPA) with the National Investment and Infrastructure Fund Ltd. (NIIF) and Jaora Nayagaon Toll Road Company Pvt. Ltd. (JTCL) for the sale of 28.7 crore equity shares in JTCL, constituting 100 percent of the share capital of JTCL, from ACL and VHL to NIIF.
The settlement of certain assets for a consideration of Rs 691 crore was agreed under the SPA. The current shareholding of ACL and VHL is 37.74 percent and 10.26 percent respectively.
Ashoka Buildcon Ltd. stock ended 2.67 percent higher at Rs 88.45 on the BSE on Monday.
