Ashoka Buildcon rallies 4% after JV emerges as lowest bidder for railway project

Ashoka Buildcon shares gained 4 percent in morning on Tuesday after the joint venture company emerged as lowest bidder for railway project by Rail Vikas Nigam.

The company has submitted bid to Rail Vikas Nigam Limited in Joint Venture with Stroytech Services LLC, wherein the company is a lead member, for the project.

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.

“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 package,” Ashoka Buildcon said.

At 09:40 hours IST, the stock was quoting at Rs 125.65, up Rs 4.50, or 3.71 percent on the BSE.

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