Shares of Ashoka Buildcon soared by nearly 5% on Tuesday, November 19, 2024, reaching an intraday high of ₹242 per share on the back of securing a major order. The stock was trading 4.29% higher at ₹238.75 on the NSE at 9:40 AM.
Key Highlights:
- Order Secured: Ashoka Buildcon emerged as the lowest bidder (L-1) for a ₹2,791 crore project from the National Highways Authority of India (NHAI).
- Official Announcement: In its exchange filing, the company stated, “Ashoka Buildcon Limited informs that the company has been declared as the Lowest Bidder (L-1) for the said projects.”
Market Reaction:
The stock witnessed a strong rally as investors cheered the company’s ability to secure this significant project, which is expected to strengthen its order book and future revenue visibility.
Outlook:
The new NHAI project reaffirms Ashoka Buildcon’s leadership in infrastructure development and positions it well for future growth. The large-scale order is likely to enhance the company’s financial performance, further bolstering investor confidence.
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