Ashoka Buildcon builds up

The market is pretty enthused with the news that Ashoka Buildcon, yesterday through its arm, Unison Enviro Private Limited (UEPL) raised Rs 150 crore from Morgan Stanley India Infrastructure for city gas distribution.

UEPL builds and operates CGD networks across cities and towns in India. It has just started commercial operations of its first CGD project in Ratnagiri district in Maharashtra state. In the recently concluded ninth round of bidding for CGD licences, UEPL has won two additional CGD licenses, one in Latur & Osmanabad, also in Maharashtra, and one in Chitradurga & Davangere in Karnataka state.

Ashoka Buildcon currently has a portfolio that includes 11 toll road projects and 11 road annuity projects. The company's unexecuted Engineering, Procurement & Construction (EPC) order book stands at Rs.9764 crore as on September 30, 2018.

The stock price rose 2.5% to Rs.137.70 and remains very firmly in the green despite the market turning red. Volumes are up almost 2 times.