Ashoka Buildcon jumps as it emerges as lowest bidder for a project

Ashoka Buildcon jumped 4.08% to Rs 48.50 at 12:15 IST on BSE after the company said it has emerged as the lowest bidder for a power project worth Rs 609.62 crore in Tamil Nadu.

The announcement was made during trading hours today, 10 September 2013.

Meanwhile, the S&P BSE Sensex was up 517.14 points or 2.68% at 19,787.20.

On BSE, 3,129 shares were traded in the counter as against average daily volume of 3,540 shares in the past one quarter.

The stock was volatile. The stock surged as much as 6.54% at the day's high of Rs 49.65 so far during the day. The stock lost as much as 5.04% at the day's low of Rs 44.25 so far during the day. The stock had hit a record low of Rs 41.30 on 6 August 2013. The stock had hit a 52-week high of Rs 86.67 on 12 September 2012.

The stock had outperformed the market over the past one month till 6 September 2013, surging 7.87% compared with the Sensex's 2.87% rise. The scrip had, however, underperformed the market in past one quarter, declining 30.1% as against Sensex's 1.28% fall.

The small-cap company has equity capital of Rs 78.98 crore. Face value per share is Rs 5.

Ashoka Buildcon said it has emerged as the lowest bidder at the price bid opening meeting dated 7 September 2013, for the Project viz. execution of distribution strengthening works under "Re-structured Accelerated Power Development and Reforms Programme (R-APDRP) Part-8" in Chennai North & South Regions of Tamilnadu Generation and Distribution Co. (TANGEDCO) on total turnkey basis aggregating Rs 609.62 crore from TANGEDCO.

Ashoka Buildcon's consolidated net profit declined 26% to Rs 30.44 crore on 0.8% growth in net sales to Rs 468.77 crore in Q1 June 2013 over Q1 June 2012.

Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.