Shares of Ashoka Buildcon Ltd soared 3% higher on Thursday 28 November after the company secured an engineering, procurement and construction (EPC) order worth Rs 192.59 crore from the Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company.

The scope of the project involved procuring, installing, testing, and commissioning new 11 kV lines and related infrastructure under the feeder separation programme financed by KfW. The project has to be executed in 24 months. 

The new order secured came right after the company lost another new contract. The company has announced that the National Highways Authority of India annulled its bids for the Kharagpur-Chandrakona-Ghatal road project (Package-1) in West Bengal, which was attributed to administrative reasons. 

The contract was cancelled to develop a 41-km stretch under the Hybrid Annuity Mode, which is part of NHAI’s economic corridor initiative. 

Despite this setback, Ashoka Buildcon recently secured a Letter of Award for the Bowaichandi-Guskara-Katwa project (Package-3), a 43-km development, further expanding its portfolio.

These contracts bolster the company’s robust order book, which stood at ₹11,104 crore at the end of the September quarter, excluding L1 projects worth ₹265 crore and additional Letters of Award for projects secured post-September 30, amounting to ₹4,320 crore.

Road projects under HAM or EPC models constituted 82.2% of the total order book, while other segments, including buildings, railways, and power transmission and distribution, accounted for 5-7%.

At 1:12 pm, the shares of Ashoka Buildcon were trading 1.50% higher at Rs 238.60 on NSE. 

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