Dilip Buildcon share rises almost 3% on bagging orders worth Rs. 2,241 crores:
Dilip Buildcon: It is one of the largest infrastructure-based development companies in India located in Mumbai. The company constructs roads, bridges, mining water sanitation, dams, and residential buildings across India. Moreover, the company specializes in the construction of state and national highways across the country. While the company also expanded its business in irrigation and urban development projects. The present Chairman and Managing Director (MD) of the company are Dilip Suryavanshi.
Meanwhile, on Thursday, February 26th, the shares of the company raised almost 3% in the stock market. The main reason for this is the company was declared as the lowest bidder for two projects worth Rs. 2,241.00 crores from Tamil Nadu and Puducherry.
Whereas the company emerged as a lower bidder for two National Highways of India, which is a Hybrid-Annuity Model (HAM) project sanctioned under Bharatmala Pariyojana, Phase-I in the states of Tamil Nadu and Puducherry. The initial estimates of the project report at Rs. 2,241 crores, said the company in the exchange filing.
Moreover, “the projects include the construction of Viluppuram Puducherry section of NH-45A. The new highway will construct into four-lane under Bharatmala Pariyoiana Phase-I on HAM in the state of Tamil Nadu and Union Territory of Puducherry,” it added.
On the other side, the company also emerged as the lowest bidder for two new HAM projects that include Bangalore-Chennai Expressway under Bharatmala Pariyojana in the state of Karnataka, Phase-I worth Rs. 2,439 crores.
Besides, the global research firm Geojit maintained a buy call on the stock with a target price of Rs. 753 per equity share. The company already bagged 12 HAM projects so far and expects a cash flow of Rs. 2,000 crores in the Financial Year 2022-23. So we recommend buying the stock on the basis of a strong order book.
However, the shares of Dilip Buildcon Limited reported a bullish trend in the stock market on Friday. It gained 19.45 points with a 2.92% increase and reached 686.55 INR. While in BSE, the company gained 19.55 points with a 2.91% increase and reached 686.45 INR.
Stock Market on February 26th:
On Friday, both Sensex and Nifty reported a bearish trend in the stock market after bullish reports in the last two sessions of the market. The Sensex is trading below 49,100 levels and nifty trading below 14,900 levels in the stock market. The Sensex lost 1,939.32 points with a 3.80% decrease and reached 49,099.99 levels. While the nifty lost 568.20 points with a 3.76% decrease and reached 14,529.15 levels.
On the other side, the number of coronavirus cases in India on Friday, February 26th reached 1,10,63,491 with almost 1,56,825 deaths.
In the border markets, the S&P BSE SmallCap index reported a bearish trend in the stock market on Friday. It lost 149.63 points with a 0.74% decrease and reached 20,155.35 levels. Whereas, the S&P BSE MidCap lost 355.15 points with a 1.75% decrease and reached a 19,978.65 level. While the Nifty Bank lost 1,745.40 points with a 4.78% decrease and reached 34,803.60 level.
Top Gainers on February 26th: There are no top gainers in today’s stock market.
Top Losers on February 26th: ONGC, JSW Steel, Hero Motocorp, M&M, and Kotak Mahindra Bank are the top losers in today’s stock market.