Ashoka Buildcon Bags Orders Worth Rs 1,387 Crore From Maharashtra Motors Vehicles Department

Ashoka Buildcon Ltd., and its subsidiary, Ashoka Purestudy Technologies Pvt., has received letters of intent worth Rs 1,387 crore for various projects from the Maharashtra Motors Vehicles Department.

The project includes design, implementation, operation and maintenance of the Intelligent Traffic Management System at various blackspots or vulnerable spots in the state for 10 years, according to an exchange filing on Thursday.

The company has received letters of intent for various stretches in the following circles — Nagpur, Mumbai, Pune, Marathwada, Konkan and western Maharashtra.

The project implementation period is 15 months from the date of signing of the contract and operation & maintenance period is 10 years from the Go Live date.

The project-wise estimated cost, as per RFP, including GST, is as follows: Nagpur worth Rs 179.97 crore; Mumbai for Rs 291.49 crore; Pune worth Rs 285.23 crore; Konkan & Western Maharashtra worth Rs 315.54 crore; Marathwada worth Rs 314.96 crore, as per filing.

Shares of Ashok Buildcon closed 1.8% higher at Rs 219.8 apiece, compared to the 0.53% advance at the benchmark NSE Nifty 50. It has risen 21.48% in the last 12 months and fallen 29.69% on a year-to-date basis.

Five out of the 10 analysts tracking the company have a 'buy' rating on the stock, four recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12.7%.