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What is the story about?
Shares of Ahluwalia Contracts (India) jumped over 4% in intraday trade on Wednesday, October 14, extending gains to a fourth straight session, after the company bagged a university construction order in Greater Noida.
The company said it had secured an order worth ₹310 crore to build the Noida campus of Bennett University, owned by the Times Group, according to a regulatory filing on Wednesday.
The order gives the company the right to construct an institutional building within 22 months, or almost two years. It will build Bennett University's blocks O1, O2, O3, R1, L and Q, the filing noted.
The filing clarified that the order win did not fall under the criteria of a related-party transaction. Such a transaction is a business deal between entities or individuals with an existing relationship, such as a parent company and its subsidiary, or a company and its directors, executives or major shareholders.
It also said the promoter, promoter group or group companies had no personal interest in the entity that awarded the order.
Ahluwalia Contracts Stock Reaction
Ahluwalia Contracts shares climbed 4.36% as of 12.14 pm on Wednesday. The stock has fallen more than 38% in the year-to-date period and a further 37% over the trailing 12 months.
The stock is trading 8.5% away from its 52-week low of ₹540.55, which it hit on Thursday, October 1.
Also Read: Aurionpro shares gain as Matkahuolto selects firm to advance seamless public transport payments in Finland
The company said it had secured an order worth ₹310 crore to build the Noida campus of Bennett University, owned by the Times Group, according to a regulatory filing on Wednesday.
The order gives the company the right to construct an institutional building within 22 months, or almost two years. It will build Bennett University's blocks O1, O2, O3, R1, L and Q, the filing noted.
The filing clarified that the order win did not fall under the criteria of a related-party transaction. Such a transaction is a business deal between entities or individuals with an existing relationship, such as a parent company and its subsidiary, or a company and its directors, executives or major shareholders.
It also said the promoter, promoter group or group companies had no personal interest in the entity that awarded the order.
Ahluwalia Contracts Stock Reaction
Ahluwalia Contracts shares climbed 4.36% as of 12.14 pm on Wednesday. The stock has fallen more than 38% in the year-to-date period and a further 37% over the trailing 12 months.
The stock is trading 8.5% away from its 52-week low of ₹540.55, which it hit on Thursday, October 1.
Also Read: Aurionpro shares gain as Matkahuolto selects firm to advance seamless public transport payments in Finland
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