Ashoka Buildcon receives LoA from RVNL
Ashoka Buildcon, one of the leading highway developers in India, has bagged a LoA from Rail Vikas Nigam Limited (RVNL) for different types of projects related to railway development.
The Letter of Acceptance (LoA) is for an aggregate Bid Value of Rs. 794.20 crore, the company stated in a press release. The scope of the order includes the construction of roadbed, bridges, the supply of ballast, installation of track, general electrification, signalling and telecommunication works in connection with the 3rd Line from Sonnagar to Garhwa Road, in Dhanbad Division of East Central Railway.
Ashoka Buildcon Limited is engaged in highway development in India. The company is an integrated EPC and BOT player. Besides construction of highways and bridges, the company is also engaged in Power Transmission and Distribution on EPC basis.
The stock reacted positively to the news as it touched an intraday high of Rs. 131 per share on BSE, while the BSE Sensex plunged 613 points and was at 35,067 in Monday's morning session.