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This article is more than 2 year old.

Ashoka Buildcon rises 6% after JV emerges as lowest bidder for rail project

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Shares of Ashok Buildcon gained over 4 percent on BSE after Ashoka Buildcon JV emerged the lowest bidder for Rail Vikas Nigam project.

Ashoka Buildcon rises 6% after JV emerges as lowest bidder for rail project
Shares of Ashoka Buildcon gained nearly 6 percent after a joint venture of the company emerged as the lowest bidder for Rail Vikas Nigam project. The company had submitted a bid to Rail Vikas Nigam Limited in a joint venture with Stroytech Services LLC, wherein the company is a lead member, for the project.
"The company has emerged as the lowest bidder (L-1) for Package 2, the quoted value of which is Rs 443.23 crore, with a completion period of 36 months for the package," Ashoka Buildcon said in a filing.
The stock hit an intraday high of Rs 128.35, jumping 5.9 percent on the BSE. At 11:10 AM, the scrip was trading at Rs 127.35, up 5.12 percent. In comparison, the Sensex traded at 36,131.96, up by 19 points.
The project includes construction of roadbed, minor bridges, supply of ballast, installation of track (excluding supply of rails & PSC sleepers & thick web switches), electrical (railway electrification and general electrification), signalling and telecommunication works for doubling of track between Kakrala halt (excluding) and Hadiaya (including) in Ambala Division of Northern Railway, Punjab.
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