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Ashoka Buildcon shares rise after getting provisional certificate for NHAI project

Ashoka Buildcon shares rise after getting provisional certificate for NHAI project

Ashoka Buildcon shares rise after getting provisional certificate for NHAI project
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By CNBCTV18.com Nov 11, 2022 4:37:43 PM IST (Published)

The certificate has been received for completion of 34.73 kilometers out of the total project stretch of 50.64 kilometers.

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Shares of Ashoka Buildcon Ltd. ended higher on Friday after the company received a provisional certificate for a National Highways Authority of India (NHAI) project.
The company received a letter from the independent engineer on Thursday for the Tumkur-Shivamogga section for which it carried out the four-laning from Mallasandra to Karadi village via the Hybrid Annuity Mode (HAM).
The certificate has been received for completion of 34.73 kilometers out of the total project stretch of 50.64 kilometers.
It also declared October 26, 2021 as the Commercial Operation Date (COD) after receiving the letter.
The project was executed by Ashoka Mallasandra Karadi Road Private Limited (SPV), a wholly-owned subsidiary of Ashoka Concessions Ltd., a subsidiary of Ashoka Buildcon, under NHDP phase-IV in Karnataka.
The SPV is also eligible to receive annuity payments from the NHAI for the 15-year operation period at an interval of every six months.
Shares of Ashoka Buildcon ended 1.5 percent higher at Rs 74.50.
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