Ashoka Buildcon Shares Surge 3% on Bagging LoA Worth Rs 1,815 Crore

Shares of Ashoka Buildcon Ltd surged 3% on 11 December after the company announced that its joint venture (JV) Adani-Ashoka-Aakshaya had acquired a Letter of Acceptance (LoA) for the Brihanmumbai Municipal Corporation (BMC) project worth Rs 1,815.79 crore.

Under the contract, the JV will be responsible for planning, implementing, and operating the Mithi River cleanup project (Package III).

• Dry Weather Flow Interception at Tidal Outfalls (Including Gate Pumps)
• Transfer Sewer Construction
• River Training (channel shaping and stability)
• Service Road construction
• Retaining Wall Construction
• Allied Works (Supporting Infrastructure)

The design and construction phase will take 48 months, excluding the monsoon season, followed by 10 years of operation and maintenance.

Adani Road Transport Limited, as the lead member, owns 51% of the Adani-Ashoka-Aakshaya JV, while Ashoka Buildcon owns 26% and Aakshaya Infra Projects owns 23%.

Aside from that, Ashoka Builcon recently received a letter from BMC requesting an additional scope of work for an existing project to build a flyover arm at the T-Junction on Sion Panvel Highway in Maharashtra Nagar. The revised timeframe for finishing both existing and extra work is 13 January 2028.

In addition, on 26 November 2025, Ashoka Buildcon obtained a show cause notice for the building of the six-lane elevated corridor from Aroor to Thuravoor Thekku on NH-66. 

The notification referred to an occurrence in which two precast PSC girders fell, one of which struck a commercial vehicle and killed the driver. The corporation was temporarily barred from participating in NHAI’s ongoing or future bids for a month, or until the expert committee’s investigation was completed, whichever came later.

However, Ashoka Buildcon refuted the claim that public safety was jeopardised. According to the petition, the occurrence in question was caused by circumstances that were unexpected and not due to a failure in the company’s safety protocols.

At 2:42 pm, the shares of Ashoka Buildcon were trading 1.30% higher at Rs 167.20 on NSE. 

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