Ashoka Buildcon Ltd’s share price surged by over 3% during the intraday trading session on 26 August, following the company’s acquisition of a project valued at Rs 478 crore. 

In an exchange filing, Ashoka Buildcon said, “Ashoka Buildcon Limited (the Company) informs that the company had submitted a bid to Mumbai Metropolitan Region Development Authority (MMRDA) for the Project. The company has emerged as the Lowest Bidder (L-1) for the said Project.”

The scope of the order includes EPC work and design and construction of an elevated road from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dughdhalaya) to Pune link road parallel to Waldhuni River crossing over Karjat- Kasara railway line including slip road and has to be completed in 36 months. 

The company reported a 148% year-on-year increase in net profit, from Rs 16.44 crore to Rs 40.78 crore in the quarter that ended in June 2024. 

Earlier in August, MMRDA chose the company for two projects valued at Rs 1,280 crore. 

Ashoka Buildcon Ltd. is a key player in India’s construction and infrastructure sector, operating primarily on an EPC (Engineering, Procurement, and Construction) and BOT (Build, Operate, Transfer) basis. The company also engages in the production and sale of Ready Mix Concrete (RMC). As a Fortune India 500 company, Ashoka Buildcon is particularly renowned for its significant contributions to highway development across the country.

At 3:30 pm, the shares of Ashoka Buildcon closed 0.47% higher at Rs 233.85 on NSE.

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