Shares of Ashoka Buildcon Ltd rallied 4% in early trading on 23 April after the company obtained a Letter of Acceptance (LoA) from Central Railway for a Rs 568.86 crore project.
In its regulatory filing, the company said, “We have received LOA for the project including construction of earth work, major bridges, minor bridges, rubs, P. way work and miscellaneous civil works in connection with gauge conversion work from Pachora- Jamner (Approx. 53.3 Km) excluding Pachora Yard and Road Over Bridges.”
The Engineering, Procurement, and Construction (EPC) contract will be completed in 30 months.
Earlier this month, the company sold 51% of its shareholding (2,550 equity shares) in Prakashmaan Renewable Energy to Sunbreeze Renewables for a total consideration of Rs 1,98,00,000.
On 10 March, the company received a letter of authorization (LOA) from Maharashtra State Electricity Transmission Co. (MSETCL) for a Rs 311.92 crore project.
Ashoka Buildcon is a prominent highway developer in India, known for its expertise in Engineering Procurement and Construction (EPC), Build Operate and Transfer (BOT), and Hybrid Annuity Model (HAM) projects. The company has successfully completed several high-profile road and highway projects across the country.
At 11:26 am, the shares of Ashoka Buildcon were trading 1.60% higher at Rs 201.20 on NSE.
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