Ahluwalia Contracts Bags Work Order Worth Rs 2,089 Crore From DLF

Ahluwalia Contracts (India) Ltd. has received a residential housing project order worth Rs 2,089 crore from DLF Ltd. for the 'Dahlias' DLF5 in Gurugram, according to an exchange filing on Monday.

The time period is 44 months for the execution of the order for civil and structure works, including rough finishing, it said.

In the first week of July, realty firm Whiteland Corp. awarded an order worth Rs 2,000 crore to Ahluwalia Contracts (along with Kalpataru Projects) for its upcoming housing project in Gurugram. The project consists of developing 20-acre residential structures on Dwarka Expressway in Gurugram, comprising around 1,700 apartments.

Shares of Ahluwalia Contracts closed 5.49% higher at Rs 1,037.7 apiece on the National Stock Exchange, compared to a 0.27% decline in the benchmark Nifty. The share price has risen 1.11% on a year-to-date basis but fell 29.44% in the last 12 months.

Out of the 13 analysts tracking the company, seven maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 29.4%