India's Ashoka Buildcon rises to record high

Ashoka Buildcon

03/06/2024 08:37

** Shares of highway developer Ashoka Buildcon Ltd  ABDL.NS 
rise as much as 9.1% to a record high of 200 rupees
    ** Co emerged as lowest bidder for 2 projects of Maharashtra
State Road Development Corporation, with combined quoted bid
price of 21.53 bln rupees ($259.1 mln)
    ** India will hike road toll charges across the country by
3-5% from June 3, officials said to Reuters on Sunday
 urn:newsml:reuters.com:*:nL1N3I0097
    ** More than 5 mln shares traded as of 12:59 p.m. IST, 3.4x
their 30-day moving avg
    ** Mean rating of 9 analysts rating the stock is "buy";
their median PT is 220 rupees - LSEG data
    ** ABDL last up 6.8%, adding to YTD gains of ~41%, while
highway maker IRB Infrastructure Developers Ltd  IRBI.NS  gained
~75%


($1 = 83.1040 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))