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Ashoka Buildcon Wins ₹312 Crore Substation Contract in Maharashtra

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Synopsis:

Ashoka Buildcon wins a ₹312 crore contract for a 400/220 kV substation in Maharashtra, boosting its growth and impacting Ashoka Buildcon share price positively.

Ashoka Buildcon news today

Ashoka Buildcon has successfully secured a notable ₹312 crore project from Maharashtra State Electricity Transmission Co. Ltd. (MSETCL) for establishing a 400/220 kV substation in Nandgaon Peth, located in Amravati, Maharashtra. This Engineering, Procurement, and Construction (EPC) project aims to enhance power transmission infrastructure in the region, supporting growing demand and addressing energy needs effectively. The project includes associated transmission lines within Maharashtra's Amravati Zone, with an expected completion timeline of 18 months, excluding the monsoon season.

ASHOKA BUILDCON LTD

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231.65-2.54 (-1.08 %)

Updated - 21 November 2024
234.70day high
DAY HIGH
229.72day low
DAY LOW
944971
VOLUME (BSE)

Project awarded as Ashoka Buildcon emerges as lowest bidder

In its recent exchange filing, Ashoka Buildcon confirmed that it emerged as the lowest bidder (L1) for the substation project. This competitive bidding success strengthens Ashoka Buildcon's position in the infrastructure sector, highlighting its ability to secure substantial public projects. Notably, the awarded project is GST-inclusive, bringing the total contract value to ₹312.13 crore. As the project is entirely under Ashoka Buildcon’s management, it reflects the company’s potential to deliver large-scale EPC projects efficiently.

Additional investment and its impact on Ashoka Buildcon share price

In parallel to this contract win, Ashoka Buildcon has expanded its investment portfolio with the acquisition of an additional 34% stake in Ashoka Concessions Ltd. for ₹1,526 crore. This acquisition aims to consolidate Ashoka Buildcon’s control over its concession projects, further enhancing its operational portfolio. This recent announcement, combined with the new contract, influenced positive market sentiment. On October 31, Ashoka Buildcon's share price closed over 2% higher, marking the fourth consecutive day of gains. This winning streak signals investor confidence in Ashoka Buildcon’s growth trajectory and operational stability.

No related party transactions involved

Ashoka Buildcon has clarified that neither its promoters nor promoter group have any involvement with MSETCL, confirming that the contract is free from related party transactions. This transparency aligns with the company's commitment to ethical governance and reinforces trust among its stakeholders.

The ₹312 crore substation contract, alongside Ashoka Buildcon’s increased equity in Ashoka Concessions Ltd., represents a strategic advancement in its project portfolio. The impact on Ashoka Buildcon’s share price and the market’s positive response showcase the company’s strong position in the infrastructure sector.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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