Ashoka Buildcon stock gains on Rs 646 crore order-win from Maharashtra Electricity Board

In a regulatory filing with the exchanges, the company stated that it has secured an order for electricity distribution-related projects in Yavatmal, Nashik Urban, Latur, and Osmanabad circles.

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Ashoka Buildcon shares gained by a percent in the morning trade of September 20th after the infra-company announced having bagged orders worth Rs 645.70 crore from Maharashtra State Electricity Distribution Company.

“We have received the ‘notification of award’ for the development of
distribution infrastructure under the revamped distribution sector scheme for loss reduction works. The order-win is for the works to be carried out in Yavatmal, Nashik Urban, Latur and Osmanabad circles,” the company said in a regulatory filing at the exchanges.

At 10.30 am on the NSE, the Ashoka Buildcon stock was quoting at Rs 106.10 apiece, up Rs 0.50, or 0.47 percent.

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In its results for the April-June quarter, Ashoka Buildcon reported a 2.98 percent YoY (year-on-year) increase in revenue from operations at Rs Rs 1,935 crore. Net profit for the quarter was down 46.66 percent YoY at Rs 72 crore. The operating profit margins for the quarter contracted by 200 basis points on a yearly basis to 24 percent.

Ashoka Buildcon is engaged in the business of infrastructure construction and development. The company specializes in constructing and upgrading roads, highways, bridges, and other vital infrastructure projects in India.

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