Dilip Buildcon share price rose 4% on Thursday after the company said it has won a project in Karnataka from the National Highways Authority of India (NHAI). The bid project cost is Rs 1,274 crore, as per the regulatory filing.
"Dilip Buildcon Limited has received a letter of acceptance (LOA) for a new HAM project viz 4-laning from km 42 to km 80 of Dodaballapur Bypass to Hoskote section of NH-648 (Old NH-207) on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana in the state of Karnataka (Package-II)," the company said in a regulatory filing.
Following the update, Dilip Buildcon scrip opened with a gain of 4% and touched an intraday high of Rs 408 against the earlier close of Rs 392.30. The stock hit a low of Rs 393. Dilip Buildcon shares have risen 2.41% in the last 2 days. Market cap of the firm stood at Rs 5,418 crore as of today's session.
Dilip Buildcon share trades higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages. Stock price of Dilip Buildcon has risen 38% in the last one month and 5% in one year.
The project is scheduled to be completed in 24 months and the operation period of the project is 15 years from the commercial operation date, it said.
The project to widen a section of NH 648 falls under the Bharatmala Pariyojana, it added.
On a consolidated basis, the company reported 49.7% YoY de-growth in its net profit to Rs 50.48 crore. Dilip Buildcon also recorded a 13.8% fall in net sales to Rs 2,099.95 crore in Q1 June 2020.
Shares of Dilip Buildcon closed 0.99% higher at Rs 396.20 on BSE.