The shares of Ashoka Buildcon Ltd. rose nearly 6% on Tuesday after the company emerged as the lowest bidder for a Rs 568.86 crore construction order. The order is from the Central Railway.
The company is the lowest bidder for the construction of earthwork, major bridges, minor bridges, rubs, P-way work and miscellaneous civil works, the company said on Saturday. The engineering, procurement and construction project is to be completed in 30 calendar months.
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The company in the third quarter posted a sevenfold rise in net profit at Rs 654.5 crore in comparison to Rs 96.2 crore in the year-ago period. The revenue, however, declined by 10.1% to Rs 2,387.9 crore as compared to 2,657.1 crore in the same quarter of the last fiscal.
The company's earnings before interest, taxes, depreciation and amortisation rose by 7% to Rs 638.9 crore during the quarter under review from Rs 597 crore in the year-ago period. The margin expanded to 26.7% from 22.5%.
Ashoka Buildcon Share Price
The shares of Ashoka Buildcon rose as much as 5.64% to Rs 197 apiece, the highest level since April 4. It pared gains to trade 4.82% lower at Rs 195.44 apiece, as of 9:19 a.m. This compares to a 2% advance in the NSE Nifty 50 Index.
It has risen 15.67% in the last 12 months and fallen 37.14% year-to-date. Total traded volume so far in the day stood at 2.61 times its 30-day average. The relative strength index was at 51.
Out of 10 analysts tracking the company, five maintain a 'buy' rating, four recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 39.1%.
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