Ashoka Buildcon spurted 14.92% to Rs 70.10 at 14:39 IST on BSE after the company said it has received letters of acceptance for project worth Rs 596.28 crore in South India.
The company made the announcement during trading hours today, 1 January 2014.
Meanwhile, the BSE Sensex was down 11.97 points, or 0.06%, to 21,158.71.
On BSE, so far 1.81 lakh shares were traded in the counter, compared with an average volume of 18,280 shares in the past one quarter.
The stock hit a high of Rs 72.40 and a low of Rs 60.50 so far during the day. The stock hit a 52-week high of Rs 83.32 on 13 May 2013. The stock hit a record low of Rs 41.30 on 6 August 2013.
The stock had outperformed the market over the past one month till 31 December 2013, rising 11.11% compared with the Sensex's 1.82% rise. The scrip had also outperformed the market in past one quarter, rising 28.96% as against Sensex's 9.24% rise.
The small-cap company has an equity capital of Rs 78.98 crore. Face value per share is Rs 5.
Ashoka Buildcon said it received letters of acceptance (LoAs) for project worth Rs 596.28 crore from Tamil Nadu Generation and Distribution Co (TANGEDCO), Chennai. The project calls for execution of distribution strengthening works under "Re-structured Accelerated Power Development and Reforms Programme (R-APDRP) Part-B" scheme in Chennai North and South Regions of TANGEDCO on total turnkey basis.
Ashoka Buildcon's consolidated net profit declined 17.1% to Rs 19.89 crore on 1.9% fall in net sales to Rs 298.54 crore in Q2 September 2013 over Q2 September 2012.
Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.
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