Why Dilip Buildcon shares surged 7% amid market crash today

Shares of Dilip Buildcon surged over seven per cent amid a falling market today after the firm was declared L1 bidder for a tender by National Highway Authority of India (NHAI) in Jharkhand. The project is worth Rs 976 crore.

Dilip Buildcon stock surged 7.49 per cent intraday to Rs 285.6 against the previous close of Rs 265.70 on BSE.

The share trades higher than 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages. A total of 1.27 lakh shares of the firm changed hands, amounting to a turnover of Rs 3.53 crore on the BSE.   

Market cap of the company rose to Rs 4,016 crore. The infra stock hit a 52-week high of Rs 749.30 on October 13, 2021 and a 52-week low of Rs 233.80 on March 29, 2022.

The stock has lost 53.26 per cent in a year and fallen 37.44 per cent this year. The project involves the four-laning of Mehgama-Hansdiha section of NH-133 in Jharkhand on Hybrid Annuity mode.The completion period for the project is two years.   

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In Q3 of current fiscal, the firm reported a loss of Rs 19.16 crore against a profit of Rs 107.17 crore in the corresponding quarter of previous fiscal.

Sales fell 18.23 per cent to Rs 2,245 crore in Q3 against Rs 2,746 crore sales in the December 2020 quarter. Operating profit declined 92.81 per cent to Rs 45.34 crore in last quarter against Rs 630.48 cr in Q3 of the previous fiscal.

Dilip Buildcon is one of the leading full-service infrastructure company with construction capabilities in roads and bridges, mining water, sanitation, sewage, dams, irrigation, industrial, commercial and residential buildings.

Meanwhile, Sensex was trading 756 points lower at 56,599 and Nifty fell 215 points to 16,985. Bajaj twins, ICICI Bank and Wipro were the top Sensex losers, falling up to 6.38 per cent in the afternoon session.