India's Ashoka Buildcon rises on $22 mln road infra firm stake buy

Ashoka Buildcon

14/03/2024 04:30

** Shares of Ashoka Buildcon  ABDL.NS  up 4%; set to snap
two-session losing streak
    ** Highways developer said it will buy an additional 50%
stake in GVR Ashoka Chennai ORR, a road infrastructure firm
    ** Deal for 1.85 bln rupees (~$22 mln)
    ** ABDL's losing run included a 6.2% fall on Wednesday amid
profit booking in broader markets
    ** Avg rating of nine analysts on ABDL at "buy;" median PT
is 201 rupees - LSEG data
    ** Stock up 9% YTD after a 55% climb in 2023
    


($1 = 82.8600 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))