Ashoka Buildcon JV Bags Rs 1,041-Crore BMC Flyover Project; Shares End 2.30% Higher

Shares of Ashoka Buildcon Ltd ended 2.30% higher on 15th December after the company said on 14th December that its joint venture, Ashoka–Aakshaya JV, had received a Letter of Acceptance-cum-Work Order from the Brihanmumbai Municipal Corporation (BMC) for the construction of a flyover in Mumbai.

Ashoka Buildcon said its joint venture, Ashoka–Aakshaya JV, in which the company holds a 51% stake as the lead member. Aakshya Infra Projects Private Limited owns the remaining 49%. The joint venture had submitted the bid for the project to the Brihanmumbai Municipal Corporation.

The project involves the construction of a flyover linking J.J. Bridge and Sitaram Selam Bridge (Y Bridge) at the junction of J.J. Road and Saboo Siddik Polytechnic Road in Mumbai’s ‘E’ Ward.

The accepted bid value is Rs 1,041.44 crore, including GST. The contract has been awarded on an EPC basis. It is to be completed within 24 months, excluding the monsoon period.

The company also said the trading window for designated persons and their immediate relatives will remain closed until 48 hours after the disclosure. This is in line with SEBI regulations.

At 3:30 PM, shares of Ashoka Buildcon ended 2.27% higher at Rs 169.20 on NSE.

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The post Ashoka Buildcon JV Bags Rs 1,041-Crore BMC Flyover Project; Shares End 2.30% Higher appeared first on Equitypandit.