India's Ashoka Buildcon falls after project bid cancelled by National Highway Authority

Ashoka Buildcon

27/11/2024 09:58

** Shares of highway developer Ashoka Buildcon  ABDL.NS 
down 2.49% to 235.2 rupees 
    ** Co says its bid for the Kharagpur to Chandrakona-Ghatal
road crossing was cancelled by the National Highway Authority of
India (NHAI) for administrative reasons
    ** Co had submitted bids for two projects to NHAI totalling
27.91 bln rupees ($330.6 mln) on Nov. 18
    ** Trading vols are at 2.5 mln shares, 1.2x the 30-day avg 
    ** Of nine brokerages covering the stock, five rate it 'buy'
or 'strong buy', 3 'hold' and 1 'sell' - LSEG data 
    ** Stock has gained ~69% YTD

($1 = 84.4250 Indian rupees)

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))