Shares of Ashoka Buildcon Ltd. rallied 5%, reaching a day’s high of Rs 252.50 on 10th October, after the firm announced securing a project worth nearly Rs 1,668 crore through its joint venture (JV).

In a stock exchange filing, the company stated that its JV firm, Ashoka JV, was declared the lowest bidder for an engineering, procurement, and construction (EPC) project from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO).

The firm is the lead member of this joint venture, as confirmed by the company in the stock exchange filing.

The project involves integrated infrastructure development, including the construction of wide 20M roads, major and minor structures like flyovers and bridges, and allied electrical works under the NAINA project.

The contract will be executed within three years from the start date, and the quoted bid value is Rs 1,667.78 crore.

The infrastructure stock has provided shareholders with a return of nearly 87% over the past year and has gained over 5% in the last three months.

So far, in 2024, the shares of Ashoka Buildcon have surged by nearly 78.5%. As of now, the firm’s market capitalisation stands at around Rs 6,844 crore.

At 3:13 PM, the shares of Ashoka Buildcon were trading 1.74% higher at Rs 243.90 on NSE.

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