Dilip Buildcon shares extend gains, zoom 20% today to hit one-year high; check tech charts

Shares of Dilip Buildcon Ltd rose sharply on Tuesday, extending their gains for the fourth straight session. The stock jumped 20 per cent today to settle at its 52-week high of Rs 319.35. The stock has soared 99.96 per cent from its 52-week low of Rs 159.70, a level seen on May 19 this year. It has gained 45.26 in 2023 so far and 26.55 per cent in the last one year.

Today's sharp upward move came during the last hour of trading. Around 7.18 lakh shares changed hands today on BSE, which was way more than the two-week average volume of 53,000 shares. Turnover on the counter stood at Rs 21.56 crore, commanding a market capitalisation (m-cap) of Rs 4,669.38 crore.

Dilip Buildcon is scheduled to declare its first-quarter (Q1) results for the ongoing financial year 2023-24 (FY24) on August 4.

Last month, the company received completion certificate for the "Nagpur-Mumbai Super Communication Expressway" project in Maharashtra. The project was executed on the engineering, procurement, and construction (EPC) mode for Package 12, for a stretch in Nashik district.

Prior to that, it secured provisional completion certificate for the project "Pathrapali-Kathghora (Package II) in Chhattisgarh under Bharatmala on hybrid annuity mode".

On the technical setup, the stock traded higher than the 5-day, 10-, 20-day, 30-day, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 86.05. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 17.55 against a price-to-book (P/B) value of 0.85.

The scrip has an average target price of Rs 234, Trendlyne data showed, suggesting a potential downside of 27 per cent. It has a one-year beta of 1.01, indicating average volatility on the counter.

Dilip Buildcon is one of the leading full-service infrastructure companies with construction capabilities in roads and bridges, mining water, sanitation, sewage, dams, irrigation, industrial, commercial and residential buildings.

Meanwhile, Indian equity benchmarks slipped today amid a volatile session. The 30-share BSE Sensex pack fell 68 points or 0.10 per cent to close at 66,459, while the broader NSE Nifty index moved 20 points or 0.10 per cent lower to finish at 19,734.