Ashoka Buildcon gains on emerging lowest bidder for two projects from MMRDA

Ashoka Buildcon stock rises: Shares of construction engineering company Ashoka Buildcon rose as much as 2.83 per cent to hit an intraday high of Rs 259.50 per share in an otherwise weak market. CHECK LIVE UPDATES HERE

The uptick in the share price came after the company announced that it has emerged as the lowest bidder (L-1) for two projects from Mumbai Metropolitan Region Development Authority (MMRDA).

In an exchange filing Ashoka Buildcon said, “The company informs that the Company had submitted bids to Mumbai Metropolitan Region Development Authority (MMRDA) for the two Projects. The company has emerged as the Lowest Bidder (L-1) for the Two (2) Projects.”

Both orders are classified under Engineering, Procurement, and Construction (EPC) work. 

In the first order, Ashoka Buildcon Ltd is tasked with the design and construction of the Creek Bridge from Kolshet to Kalher, with a project timeline of 42 months, including the monsoon period. The bid cost for this project is Rs 289.60 crore.

The second order involves the design and construction of the Creek Bridge from Gaimukh to Payega, with a completion timeline of 36 months, also including the monsoon period. The bid cost for this project is Rs 991.20 crore.

Ashoka Buildcon Ltd specialises in construction and infrastructure development, operating on an EPC (Engineering, Procurement, and Construction) and BOT (Build, Operate, Transfer) basis. The company is also involved in producing and selling Ready Mix Concrete (RMC). As a Fortune India 500 company, Ashoka Buildcon is a leading player in India's highway development sector. 

The company operates as an integrated entity across EPC, BOT, and HAM (Hybrid Annuity Model) projects. Its key segments include Highways & Bridges, Power (EPC), Railway Works, Buildings (EPC), City Gas Distribution, and Smart Infrastructure. With experience in executing or currently handling 41 Public-Private Partnership (PPP) projects, Ashoka Buildcon has a broad footprint across more than 20 states in India.

Noteworthy achievements include the construction of one of India's longest 6-lane flyovers in Kerala, spanning 12.752 kilometres; India's first 8-lane Extradosed Cable Stayed Bridge completed in just 33 months; and the Bundelkhand Expressway.

The market capitalisation of the company is Rs 7,197.74 crore, according to Bombay Stock Exchange (BSE). 

At 10:03 AM, shares of the company were trading 1.55 per cent higher at Rs 256.25 per share. In comparison, BSE Sensex was trading 1.69 per cent lower at 79,611.92 levels.