The shares of Ashoka buildcon declined more than 2 per cent after NHAI (National Highway Authority of India) cancelled a bid for the Kharagpur-Chandrakona-Ghatal road project (Package-1) in West Bengal.
The stock of Ashoka buildcon trying to trade in green territory but kept slipping in intraday. The stock hit the day low of Rs 232.65 per share on the NSE (National Stock Exchange) after hitting the opening bell at Rs 237.15 per share on the Indian Bourses.
The Ashoka buildcon shares were trading around Rs 235.30 per share on the NSE (National Stock Exchange), with decline of 2.44 per cent amounting to Rs 5.88 per share on the Indian Exchanges.
NHAI bid for Chandrakona-Ghatal road cancelled
Ashoka Buildcon announced in a regulatory filing that it had been selected as the lowest bidder for two projects under the Hybrid Annuity Mode, which is a component of NHAI's West Bengal economic corridor development initiative.
The Bowaichandi-Guskara-Katwa project (Package-3) was 43 km long, whereas the Kharagpur-Chandrakona-Ghatal project (Package-1) was 41 km long. Since the company was the only bidder, the bid for Package-1 was canceled for administrative reasons, even though the company received the Letter of Award for Package-3 on November 25, 2024.
Ashoka Buildcon affirmed that it is qualified to take part in the Kharagpur-Chandrakona-Ghatal project's new re-bid notice that the NHAI has issued.
Ashoka buildcon Q2 FY25
In Q2 FY25 Ashoka buildcon recorded a PAT (profit after tax) of Rs 36.3 crore, a 49 per cent surge in net profit compare to Rs 71.3 crore in corresponding quarter of previous fiscal year.
Revenue from operations slipped 8 per cent to Rs 1,458.9 crore in the reviewed quarter from Rs 1,589.7 crore in the corresponding period of the last fiscal year.
