Shares of Ashoka Buildcon ended nearly 5 per cent higher today after the firm said its subsidiary has emerged as the lowest bidder for a Rs 1,187.10 crore road project in Andhra Pradesh.
On BSE, the scrip closed at Rs 195.20, up 4.89 per cent. It had opened at Rs 186.70 and touched a high of Rs 199.65 in intra-day trade.
On NSE, the stock ended at Rs 193.90, up 4.67 per cent. After opening at Rs 187, it had touched an intra-day high of Rs 199.
Following the uptick, the market capitalisation of the company increased by Rs 170.3 crore to Rs 3,653.14 crore.
"The company's subsidiary Ashoka Concessions Ltd (ACL) had submitted its bid to National Highways Authority of India for six laning of Ranastalam to Anandpuram in Visakhapatnam (from km 6,34.000 to km 6,81.000) section of NH-5 {New NH-16} in the state of Andhra Pradesh under NHDP Phase-V on Hybrid Annuity Mode Project," Ashoka Buildcon said in a BSE filing.
"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," it added.
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