Shares of Dilip Buildcon jumped in Monday's trade after getting a slew of road construction orders from the National Highways Authority of India (NHAI). The stock surged 6.46 per cent to hit a day high of Rs 244 compared to the previous close of Rs 229.20.
A total of 58,000 shares changed hands on BSE, amounting to a turnover of Rs 1.37 crore. The lender's market capitalisation or m-cap stood at Rs 3,486.50 crore.
At today's high level of Rs 244, Dilip Buildcon has gained 30.02 per cent compared to its July low of Rs 187.40. The stock has climbed 2.58 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has dropped 44.94 per cent.
Also Read | LT Foods, HDFC Life, Easy Trip and JK Paper: Here are trading strategies for these 4 stocks
"A series of large road building orders across different states has led to a strong order book and thereby leading to a sharp intraday uptrend in Dilip Buildcon stock price. Rs 250 remains a strong resistance for Dilip Buildcon. Investors should buy only if it closes above Rs 250 or falls till Rs 208-215," said Pavitraa Shetty from Tips2trades.
The company, in an exchange filing, has said it received a letter of acceptance (LOA) for the construction of 4-lane Urga-Pathalgaon section NH-130A in Chhattisgarh, worth Rs 1,955 crore, from the NHAI. It has got a project for 4-laning of Karimnagar Warangal Section of NH-563 in Telangana, worth Rs 1,647 crore.
In addition, Dilip Buildcon has got LOAs for the development of a 6-lane (Maradgi S Andola to Baswantpur) section in Karnataka (worth Rs 1,589 crore) and 4-laning of Mehgama-Hansdiha in Jharkhand (worth Rs 976 crore).
Further, it has also received a contract for Gujarat Metro Rail Corporation (GMRC) for Surat Metro Rail Project.
Meanwhile, Indian equity benchmarks traded higher in late deals today, defying an overall weakness in global markets. The domestic indices (BSE Sensex and NSE Nifty) gained around half a per cent, each, led by gains in consumer goods and automobile stocks.
Also Read | Stuck in Wipro shares since one year? Here's how long they can take to double your money
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today