Dilip Buildcon climbs 10% on winning highway project, positive brokerage comments
Shares of Dilip Buildcon climbed 10 per cent in early trade on Monday after Bank of America Merrill Lynch (BofAML) initiated coverage on the stock with ‘Buy’ rating, citing superior execution to underpin a scaling up.
The global financial services firm has set a target price of Rs 1,244 per share for Dilip Buildcon, indicating an upside of 25 per cent compared with the previous close of Rs 1,001.15.
Dilip Buildcon on Sunday said it has won a Rs 1,004 crore road contract from the National Highways Authority of India (NHAI) in Madhya Pradesh.
The scrip was trading 10 per cent up at Rs 1,101.20 at around 9.30 am (IST). Shares of the company opened at Rs 1,012 and touched a high and low of Rs 1,122 and Rs 1,012, respectively, in trade so far.
Benchmark BSE Sensex was up 70 points, or 0.21 per cent, at 33,039 at around the same time.
“DBL has received Letter of Award by the NHAI for a new hybrid annuity project valued at Rs 1,004 crore in Madhya Pradesh," Dilip Buildcon said in a regulatory filing to the BSE.
The project involves the construction of road tunnel, viaduct and Churhat Bypass of Rewa Sidhi Section of NH 75E in Madhya Pradesh on build, operate and transfer mode.
Earlier Kotak Securities had also maintained ‘Buy’ on Dilip Buildcon with a target price of Rs 1,217.
The global financial services firm has set a target price of Rs 1,244 per share for Dilip Buildcon, indicating an upside of 25 per cent compared with the previous close of Rs 1,001.15.
Dilip Buildcon on Sunday said it has won a Rs 1,004 crore road contract from the National Highways Authority of India (NHAI) in Madhya Pradesh.
The scrip was trading 10 per cent up at Rs 1,101.20 at around 9.30 am (IST). Shares of the company opened at Rs 1,012 and touched a high and low of Rs 1,122 and Rs 1,012, respectively, in trade so far.
Benchmark BSE Sensex was up 70 points, or 0.21 per cent, at 33,039 at around the same time.
“DBL has received Letter of Award by the NHAI for a new hybrid annuity project valued at Rs 1,004 crore in Madhya Pradesh," Dilip Buildcon said in a regulatory filing to the BSE.
The project involves the construction of road tunnel, viaduct and Churhat Bypass of Rewa Sidhi Section of NH 75E in Madhya Pradesh on build, operate and transfer mode.
Earlier Kotak Securities had also maintained ‘Buy’ on Dilip Buildcon with a target price of Rs 1,217.