Ashoka Buildcon shares gained 2 percent in the morning trade on March 18 after bagging order from Jharkhand Bijli Vitran Nigam Limited.
The stock was quoting at Rs 139.00, up Rs 2.20, or 1.61 percent on the BSE, at 0930 hours IST.
"We have received a letter of intent from Jharkhand Bijli Vitran Nigam Limited (JBVNL) for rural electrification works of Package-4 in Jharkhand under Jharkhand Sampurna Bijli Achchhadan Yojana (JSBAY) Phase-II," the company said in an exchange filing.
The Package-4 comprises Ranchi, Khunti, Gumla, Simdega and Lohardaga districts of Jharkhand.
related news SPML Infra surges 10% on orders worth Rs 883 crore D-Street Buzz: Bank Nifty continues its bull run; auto stocks under pressure led by Maruti Bandhan Bank falls 3% as Macquarie sees pressure till promoter stake reductionThe accepted bid value for the project is Rs 169.22 crore, Ashoka Buildcon said.
In addition, company said its subsidiary Ashoka Concessions has been directed to pay Rs 57.33 crore plus interest to L&T Infrastructure Development Projects Limited (LTIDPL) towards share of shortfall funding of SPV - PNG Tollway Ltd.
PNG Tollway was running project of design, engineering, finance, construction, operation and maintenance of 6 laning of existing 2 laning of the Pimpalgaon-Nashik-Gondhe section of NH-3 in Maharashtra under NHDP Phase IIIA on build, operate and transfer (BOT) basis, awarded by NHAI, it said.
Project is terminated by PNG Tollway on February 25, 2016. L&T IDPL along with its group companies own 74 percent and Ashoka Concessions Ltd. owns 26 percent shareholding of PNG Tollway Ltd, respectively.
"ACL may approach appropriate forum for setting aside the arbitral award against it," Ashoka Buildcon said. First Published on Mar 18, 2019 09:44 am
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