Ashoka Buildcon informed on Saturday that its subsidiary, Ashoka Kandi Ramsanpalle Road, has executed a concession agreement with National Highways Authority of India (NHAI) on 3 January 2020, for a road project in Telangana.
The project involves four laning 39.98 km of National Highway (NH)-161 in Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode. The accepted bid project cost at Rs 1000 crore.
Shares of Ashoka Buildcon fell 2.11% to end at Rs 106.85 on Friday, 3 January 2019.
The stock climbed 8.92% in the past one week from its close of Rs 98.10 last Friday, 27 December 2019.
In the week ended on Friday, 3 January 2020, the Sensex fell 0.27% and the Nifty 50 index declined 0.16%.
Construction stocks were in demand last week after Finance minister Nirmala Sitharaman on Tuesday, 31 December 2019, unveiled Rs 102 lakh crore of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector. The projects identified are in sectors such as power, railways, urban irrigation, mobility, education and health.
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