Ashok Buildcon surges as arm emerges lowest bidder for NHAI project

The stock moved higher to its 52-week high of Rs 199.65, up 7% on BSE in intra-day trade.

Ashok Buildcon has moved higher to its 52-week high of Rs 199.65, up 7% on BSE in intra-day trade, after the company said its subsidiary - Ashoka Concessions (ACL) has emerged as the lowest bidder for bid submitted to National Highways Authority of India (NHAI).

ACL had submitted its bid to NHAI for the project viz. request for proposal for six laning of from Ranastalam to Anandpuram (Visakhapatnam) (from km 634.000 to km 681.000) section of NH-5 (New NH- 16) in the state of Andhra Pradesh under NHDP Phase - V (Package II) on Hybrid Annuity Mode Project.

“ACL emerged as “the Lowest Bidder” at the financial bid opening meeting. The bid project cost quoted by ACL is Rs 1,187.10 crore,” Ashok Buildcon, the company engaged in construction of roads & highways said in a release.

At 1125 am; the stock was up 6% at Rs 197 as compared to 0.46% rise in the S&P BSE Sensex. A combined 426,105 shares changed hands on the counter on BSE and NSE so far.