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Ashoka Buildcon declared lowest bidder for projects valued at Rs759.84cr

Ashoka Buildcon Ltd had submitted bids to DVVNL under the Saubhagya Yojana in UP.
Ashoka Buildcon Ltd (ABL) has emerged as the lowest bidder for projects quoted at an aggregate price of Rs759.84cr. The company had submitted bids to Dakshinanchal Vidyut Vitran Nigam Ltd. (DVVNL) under the Saubhagya Yojana (Pradhan Mantri Sahaj Bijli Har Ghar Yojana) in Uttar Pradesh (UP).

The projects include:
Cluster 2: For electrification work in Etah and Kashiram Nagar (Kasganj) districts; project valued at Rs320.92cr.
Cluster 5: For electrification work in Kannoj, Farrukhabad, and Etawa districts; project valued at Rs438.92cr
Ashoka Buildcon (ABL) is one of the largest highway developers in the country with interests in EPC works (roads and power distribution), BOT road projects, and manufacturing of ready-mix concrete.

The company has over 39 years of experience in the EPC segment and has executed 60 road & bridges and 57 building construction contracts to date.

ABL owns and operates 17 BOT road projects across seven states. Of these, nine are held by the company and eight are held by Ashoka Concessions, wherein ABL holds 61% stake.

Ashoka Buildcon Ltd is currently trading at Rs262.85, up Rs2.95, or 1.14%, from its previous close of Rs259.90 on the BSE. The scrip opened at Rs264.75 and has touched a high and low of Rs264.85 and Rs260.95, respectively. So far, 2,34,229(NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs4,864cr.
The stock is currently trading above its 100 DMA.