Ashoka Buildcon Wins Two Projects Worth Total Rs 2,591 Crore In Maharashtra

Ashoka Buildcon Ltd. on Friday said it has won two major projects aggregating Rs 2,591 crore in Maharashtra. The first project was won by its joint venture arm, Ashoka JV. It has secured a Rs 1,673 crore project from the City & Industrial Development Corporation of Maharashtra Ltd.

The company is the lead member of the joint venture, Ashoka JV. The joint venture has received a letter of acceptance for the CIDICO project at the bid price of Rs 1,673.24 crore, plus applicable GST, the company announced in an exchange filing on Friday.

The project encompasses engineering, procurement, and construction tasks with an estimated completion date of 1,460 days from the start date. The project includes the development of 20-meter and above-wide roads, construction of various major and minor structures, and allied electric work in TPS 10 and 11 under the NAINA Project.

The project also includes the construction of flyovers, minor bridges, PUPS, and more.

The second project was won by the construction company after it emerged as the lowest bidder for a Brihanmumbai Municipal Corporation project worth Rs 918 crore. The project involves the construction of flyovers at T Junction on Sion Panvel Highway, Maharahstra. The company will also be building two arms for the flyover.

The BMC project is to be completed in 30 months, including the monsoon period.

The company's wholly owned subsidiary, Viva Highways Ltd., had successfully monetised its land in Hinjewadi, Pune, in September. This will bring VHL's real estate portfolio to a total consideration of Rs 453 crore, according to the company.

Ashoka Buildcon's stock rose as much as 4.04% during the day to Rs 253.89 apiece on the NSE. The stock closed 3.12% higher at Rs 251.64 per share. This compares with a 0.14% decline in the benchmark Nifty 50. It has risen 90.06% in the last 12 months and 83.81% year-to-date.

Out of 12 analysts tracking the company, eight maintain a 'buy' rating, two recommend a 'hold,' and two suggest a'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.2%.