Ashoka Buildcon shares surge after Rs 769 cr road project order

Ashoka Buildcon Limited share price witnessed a price hike of 2% after receiving a letter of award (LoA) of Rs 769.41 crore road project in Goa. The company said that it received an LoA from the Ministry of Road Transport and Highways (MoRTH) for a six-lanning link road with a paved shoulder configuration to Mopa Airport in Goa. The project is acquired in engineering, procurement and construction (EPC) mode. The share was trading at Rs 98.05, having increased by Rs 2.15 or Rs 2.24. The intraday high was Rs 99.50, and the intraday low of Rs 96.20. The Chief Financial Officer (CFO) of Ashoka Buildcon, Paresh Mehta, told the media that the execution of the major projects is to pick up from the fourth quarter (Q4) of FY22. He said that the company saw the first delay in project execution in the second quarter (Q2) due to the monsoon season. He further added that the company has an order book of nearly Rs 12,000 crore, out of which Rs 3,500 crore was in the last seven months. Image Source Also read: Ashoka Buildcon receives highway EPC contract worth Rs 1,567.45 cr