Dilip Buildcon Shares At Two-Year High On Dam Project Win

Shares of Dilip Buildcon Ltd. rose to over two-year high on Friday after its joint venture bagged a Rs 412.92 crore contract to construct Machhrewa dam.

The Dilip Buildcon-Vijay Kumar Mishra Construction Pvt. joint venture was declared as L-1 bidder for the construction of Machhrewa Irrigation Project Dam, the company said in an exchange filing on Thursday. The project from Water Resources Department, Madhya Pradesh also includes construction of pressurised pipe irrigation network on turnkey basis.

The project is to be completed within the time frame of 60 months, the company said.

Shares of the company rose as much as 7.80% to Rs 486 apiece. It last traded around this level on Dec. 30, 2021. It pared gains to trade 3.71% higher at Rs 465.15 apiece as of 9:40 a.m. This compares to a 0.45% advance in the NSE Nifty 50 Index.

It has risen 123.36% in the past 12 months. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 66.

Out of six analysts tracking the company, three maintain a 'buy' rating and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 130.2%.