Shares of Dilip Buildcon Ltd. rose to an intra-day high of 6.2% on Thursday after it said it had completed upgrading a section of the National Highway 5 in Odisha.
The project included rehabilitation and a six-lane highway upgrade of the Chandikhole-Bhadrak Section of the NH5—the new NH16. The project was carried out by Buildcon's subsidiary, DBL Chandikhole Bhadrak Highways Ltd. The Rs 1,522 crore project was carried out under a hybrid-annuity model under the National Highways Development Project Phase V.
Shares of Dilip Buildcon rose as much as 6.2%, the highest in two weeks, before losing some of the gains to trade 3.12% higher at 10:45 a.m. compared to 0.15% rise in the NSE Nifty 50.
The total traded quantity so far in the day stood at 1.5 times the 30-day average. The relative strength index of the stock stands at 77, indicating that the stock may be overbought.
Out of the six analysts tracking the stock, three hold a 'buy' call, two maintain a 'hold', and one recommends a 'sell', according to Blomberg.
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