Ashoka Buildcon stock gains on bagging Rs 775 crore order

The stock hit an intraday high of Rs 91.85 a share and rose as much as 4.2 percent in the early deals.

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Shares of Ashoka Buildcon Ltd (ABL) jumped over 4 percent on December 29, after the company said it has bagged an order worth Rs 755 crore from Madhya Pradesh PoorvKshetra Vidyut Vitaran (MPPKVVCL) .

The stock hit an intraday high of Rs 91.85 a share and rose as much as 4.2 percent in the early deals. At 9.45am, the stock was trading at Rs 89.55 on the BSE, up 1.6 percent from its previous close. This was the fourth session when the stock traded higher and gained over 16 percent in this period. Year to date it has fallen 10.5 percent.

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The order is for supply, installation, testing and commissioning of new 11 KV lines, LT line on AB cable, distribution transformer substation and supporting works such as DPs, TPs, Crossing etc. for separation of 11 KV mix feeders & mix DTRs under revamped reforms-based and results-linked distribution sector (Package-06) in Balaghat circle, Satna circle and Rewa circle of MPPKVVCL, Jabalpur Company area.

Recently, Ashoka Buildcon has entered into an agreement with NIIF to sell 74 percent of its economic interest in the Jaora Nayagaon (JTCL) toll project. The equity value for the transaction will be Rs 690 crore (100% stake). Adjusting for Rs 180 crore loan given by JTCL to the company/Ashoka Concessions Ltd (ACL), net cash inflow for ABL will be Rs 330 crore.

ABL had earlier entered into a transaction with KKR to sell five BOT projects for Rs 1,340 crore. Out of this, it would use Rs 1,200 crore to provide an exit to SBI-Macquarie (SBI-M), which had invested in ACL. ABL had also agreed to sell the Chennai ORR annuity project to NIIF for an aggregate financial consideration of Rs 690 crore; out of this, Rs 450 crore will flow to ABL. The company expects the completion of these deals by end-FY23. The conclusion of these transactions will simplify the corporate structure and result in significant deleveraging for the company.

“The BOT stake sale has been a major overhang on the ABL stock for the past couple of years. The proposed deals will de-lever the balance sheet, allow management to focus on the EPC business, and reduce risk perception among investors”, according to Nuvama research.