Ashoka Buildcon Share Price Hits One-Month High On Orders From Maharashtra

Ashoka Buildcon Ltd.'s share price jumped over 8% to hit its highest in a month on Monday after it won three projects worth total Rs 2,309.99 crore from Maharashtra State Road Development Corp.

The first project includes the construction of a major bridge across Jaigad Creek between Tawsal and Jaigad on Revas Reddi Coastal Highway in Ratnagiri District while the second project is to build a bridge across Kundalika Creek between Revdanda and Salav on Revas Reddi Coastal Highway.

The accepted bid price for these two orders is Rs 715.99 crore and Rs 1,284.00 crore, respectively, according to an exchange filing.

Separately, the company said it has won another project for construction of major bridge across Bankot Creek between Kolmandla, District Raigad to Veshvi on Revas Reddi Costal Highway for Rs 310.00 crore.

Shares of the company rose as much as 8.19% to Rs 272.25 apiece, the highest level since Sept. 6. It pared gains to trade 4.2% higher at Rs 262.1 apiece as of 10:11 a.m. This compares to a 0.6% advance in the NSE Nifty 50 index.

The stock has risen 88.8% on a year-to-date basis and 102% in the last 12 months. Total traded volume so far in the day stood at 3.88 times its 30-day average. The relative strength index was at 62.63.

Out of the 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 a downside of 4.7%.