Ashoka Buildcon rises 4% as arm receives arbitral award of Rs 383 cr

Shares of Ashoka Buildcon added 4 percent intraday Thursday as company received arbitral award of Rs 383.3 crore against various claims filed by the SPV.

The company’s wholly owned subsidiaries Ashoka Infrastructure (SPV), which had executed Pune Shirur road project in the state of Maharashtra, has received an arbitral award of Rs 383.80 crore.

The project had been awarded by Government of Maharashtra, Executive Engineer, Public Works Department, division Pune, including four lanning and strengthening of Pune Ahmednagar road.

The toll collection at the said project had been stopped since August 08, 2014.

A meeting of the board of directors of the company will be held on May 29, 2018 to approve and take on record the audited financial results of the company for the year ended March 31, 2018.

At 10:29 hrs Ashoka Buildcon was quoting at Rs 256.05, up Rs 7.00, or 2.81 percent on the BSE.

Posted by Rakesh Patil

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