Ashoka Buildcon shares rise after Q2 profit jumps 6-fold

Ashoka Buildcon share price jumped 6 percent in the morning session on November 12 after the company declared its Q2 results.

The highways builder reported a six-fold jump in consolidated profit after tax (PAT) to Rs 70.42 crore for the quarter ended September 30, 2020. The company had posted a PAT of Rs 11.45 crore in the corresponding quarter a year ago, it said in a regulatory filing to the BSE.

Total income stood at Rs 1,218.02 crore during the quarter under review as against Rs 1,052.99 crore in the year-ago quarter.

Total expenses during the quarter under review rose to Rs 1,109.83 crore from Rs 999.90 crore a year ago.

The stock was trading at Rs 68.60, up Rs 3.60, or 5.54 percent at 09:18 hours. It has touched an intraday high of Rs 69.05 and an intraday low of Rs 66.90.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has been effectively using its capital to generate profit - RoCE improving in last 2 years. It has zero promoter pledge with annual net profits improving for last 2 years.

Moneycontrol technical rating is bullish with moving averages being bullish and technical indicators being bullish.