Leading Highway Developer Stock Rises 12% and Hits 1-Month High After Bagging Rs 602 Crore Order
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Ashoka Buildcon shares are in the spotlight after a fresh Rs 602 crore RVNL order sent the stock sharply higher.
✨ Key Takeaways
Ashoka Buildcon Ltd shares surged more than 12 per cent in Monday’s trading session after the company received a Letter of Acceptance (LoA) worth Rs 602.16 crore from Rail Vikas Nigam Ltd (RVNL).
The stock opened with a gap-up at Rs 117.70 against its previous close of Rs 112.65. It climbed to an Intraday high of Rs 129, marking a gain of around 14.5 per cent. The stock also touched its highest level in a month.
At around 11:55 am, shares of Ashoka Buildcon were trading at Rs 126.55, translating into a gain of 12.34 per cent from the previous close.
Rs 602 Crore Order From RVNL
According to the company’s exchange filing, Ashoka Buildcon has received an LoA from RVNL for the supply, erection, testing and commissioning of electro-mechanical systems for four Railway tunnels in Uttarakhand.
The project covers Tunnel T-13, T-14, T-15 and T-16 under Package E-4 of the Rishikesh-Karnprayag New Broad Gauge Rail Line Project.
The scope of work includes 33/11 kV and 11/0.433 kV GIS substations, high-tension and low-tension cables, diesel generator sets, lighting systems, UPS systems, ventilation systems, fire-fighting systems and other associated electro-mechanical works.
The project has a completion period of 30 months from the date of commencement. The contract value stands at Rs 602.16 crore, including GST.
Defence-company-share-price-jumps-nearly-3-after-securing-rs-11788-crore-drdo-order-59284">Also Read - Defence Company Share Price Jumps Nearly 3% After Securing Rs 117.88 Crore DRDO Order
Another Major Project in Power Transmission
The latest order comes shortly after Ashoka Buildcon secured a Letter of Intent from REC Power Development and Consultancy Ltd for the establishment of a 400/220/132 kV air-insulated substation at Sakoli in Bhandara district, Maharashtra.
The project was awarded under the Tariff Based Competitive Bidding route. It carries annual transmission charges of Rs 126.54 crore for 35 years, with the project scheduled to be completed within 24 months. The company will also be responsible for operation and maintenance for 35 years.
About Ashoka Buildcon Ltd
Ashoka Buildcon Ltd is a Fortune India 500 company and one of the leading highway developers in India. The company is an integrated EPC, BOT and HAM player.
Disclaimer: The article is for informational purposes only and not investment advice.