Ashoka Buildcon rose over 7.5% to hit an intraday high today at Rs.73.45 with a 1.5 times surge in volumes. It has come off the highs but remains firmly in the green at Rs.72 levels, as of now.
The stock price reacted positively to the news that it has emerged as the Lowest Bidder (L-1) for two road construction projects from NHAI.
The projects consist of four laning of Arrah to Pararia section of NH-319 in Bihar and Pararia to Mohania section of NH-319 in Bihar on EPC mode. Both projects come under Bharatmala Pariyojana Phase-1.
The aggregate quoted value of both the projects is Rs 1390 crore.