Ashoka Buildcon rose 3.40% to Rs 100.50 after the company was declared as the lowest (L-1) bidder for a road project in Punjab by National Highways Authority of India (NHAI).
The prohect entails development of Memmadpur (Ambala) - Banur (IT City Chowk) - Kharar (Chandigarh) Corridor under Bharatmala Pariyojana - Package-II - six laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 kms, in the state of Punjab on EPC mode.
The company has emerged as the lowest bidder (L-1) and the quoted bid price is Rs 726 crore.
Ashoka Buildcon is engaged in construction & maintenance of roads and supporting services to land support-operation of toll roads.
The company reported 172.91% jump in consolidated net profit to Rs 88.45 crore on a 1.96% rise in net sales to Rs 1305.49 crore in Q3 FY21 over Q3 FY20.
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