Dilip Buildcon shares rallied over 12% on Wednesday, February 14, after the road construction company announced the completion of a bridge project in Goa worth ₹545.4 crore.
The stock opened lower but later reversed losses and rallied over12% to hit a high of ₹432.70 during the day.
The Bhopal-based company informed the stock exchanges that the construction of a bridge, including approaches across the Zuari river on NH-17/NH-66 on Panjim Mangalore section in Goa, has been completed. The company had bagged the ₹545.4 crore project on an Engineering, Procurement and Construction (EPC) mode.
The authorities issued the completion certificate and declared the project fit for entry into operation as of September 30, 2023, the company said in an exchange filing.
The company was awarded the contract on April 11, 2016, and the project was scheduled to be completed by 2021. However, due to delays following the COVID-19 pandemic, the revised completion date was fixed August 31, 2023.
The cable-stayed bridge billed as India’s widest bridge is considered as a vital link between South and North Goa.
Dilip Buildcon has completed four HAM projects worth ₹2,495.4 crore and one EPC project worth ₹570 crore in the Gujarat, Karnataka, Telangana and Chhattisgarh in this fiscal, so far.
The company has won four projects worth ₹ 2,641.3 crore in Madhya Pradesh, Rajasthan and Goa across irrigation, water supply and urban development in this fiscal.
Dilip Buildcon reported an 8% growth in revenue from operations in the third quarter of FY24 to ₹2,571 crore. Its profit after tax rose by 19.87% to ₹95.3 crore in Q3FY24 as against ₹79.5 crore in Q3FY23.
Dilip Buildcon shares were trading nearly 12% higher at ₹429.2 apiece around 12.50 pm..
First Published: Feb 14, 2024 12:54 PM IST
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