Published on 16/03/2017 1:07:15 PM | Source: Dion Global Solutions Ltd.

Ashoka Buildcon gains as arm emerges as lowest bidder for NHAI project

Shares of Ashoka Buildcon surged over 5 per cent on the Bombay Stock Exchange after the company said that its arm Ashoka Concessions (ACL) has emerged as the Lowest Bidder at the Financial Bid opening meeting for Ranastalam to Anandpuram (Visakhapatnam) project.

The bid project cost quoted by ACL was Rs 1,187.10 crore, the company said in a filing to the Bombay Stock Exchange. Earlier, ACL had submitted its bid to National Highways Authority of India (NHAI) for proposal for six laning of from Ranastalam to Anandpuram (Visakhapatnam) (from km 634.000 to km 681.000) section of NH-5 (New NH- 16) in the state of Andhra Pradesh under NHDP Phase - V (Package II) on Hybrid Annuity Mode Project. Boosted by the development, shares of company gained as much as 5.56 per cent at Rs 196.45 apiece on the Bombay Stock Exchange.

In a similar fashion, stocks of company rose 5.26 per cent to Rs 195 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,531.06, up 132.95 points, or 0.45 per cent at 11:30 hours.