India's Ashoka Buildcon jumps 11% on getting LOA for $279 mln contract

Ashoka Buildcon

06/04/2023 10:51

** Shares of Ashoka Buildcon  ABDL.NS  rise as much as
11.48% to 85 rupees, mark sharpest intraday pct gain since May
30
    ** Stock hits highest level since March 16; set for a third
consecutive session of gain, if trends hold
    ** Infrastructure firm said it has received letters of award
(LOA) for projects with total contract value of 22.85 billion
rupees ($278.78 million)
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** Stock's moving average convergence divergence (MACD) line
above the signal line since April 5, indicating a bullish bias
    ** Stock is witnessing its most active trading session in
nearly 2 months, since Feb. 14
    ** More than 2.5 mln shares change hands by 03:10 p.m. IST,
3.7x 30-day avg of 699,366 shares
    ** All 11 analysts covering the stock have a "buy" or
"strong buy" rating; median PT is 130 rupees - Refinitiv data
    ** Stock down ~15% YTD as of last close



($1 = 81.9630 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))