Dilip Buildcon Shares Rally After Securing Rs 3,400-Crore Project From Adani Road Transport

Dilip Buildcon Ltd.'s share price spiked 5.58% on Friday after the company' secured an order worth Rs 3,400 crore from Adani Road Transport Ltd.

Dilip Buildcon received a Letter of Award from Adani Road Transport for the construction of the Ganga Path connecting Sultanganj, Bhagalpur, and Sabour Road in Bihar.

The company in an exchange filing said that it has received "Execution of EPC (Engineering, Procurement & Construction) works on a back-to-back basis, for construction of Ganga Path connecting SultanganjBhagalpur-Sabour Road. Scope of work includes design, engineering, procurement, construction, testing and commissioning of the project.

The Rs 3,400 crore project, awarded on a back-to-back basis under the EPC (Engineering, Procurement & Construction) mode, will be executed over a 42-month period and spans 41.09 kilometers. The employer for the project is Bihar State Road Development Corporation Limited.

The scrip rose as much as 5.58% to Rs 491.70 apiece. It pared gains to trade 3.11% higher at Rs 480.20 apiece, as of 11:53 a.m. This compares to a 0.34% decline in the NSE Nifty 50 Index.

It has risen 4% in the last 12 months. Total traded volume so far in the day stood at 3.7 times its 30-day average. The relative strength index was at 57.

Out of six analysts tracking the company, one maintain a 'buy' rating, four recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.7%