Dilip Buildcon shares surge 4% after Rs 1,060 cr Expressway project achieves provisional completion
Shares of Dilip Buildcon surged as much as 3.8% to a day's high of Rs 517 on the BSE on Thursday, June 26, after the company announced the provisional completion of a Rs 1,060 crore infrastructure project under the Government of India's Bharatmala Pariyojana.
ADVERTISEMENT The project involved the construction of a 4-lane section of the Bangalore–Chennai Expressway from Km 127.000 (Bangarupalem) to Km 156.000 (Gudipala) in Andhra Pradesh, under Phase II/Package III.
Also read: SBI appoints 6 banks for Rs 25,000 crore QIP, first share sale in eight years
'In accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that the project—'Construction of 4-lane Bangalore–Chennai Expressway from Km 127.000 (Bangarupalem) to Km 156.000 (Gudipala) section in the State of Andhra Pradesh under Bharatmala on Hybrid Annuity Mode (Phase II/Package III)'—has been provisionally completed,' the company said in an exchange filing.
Executed on a Hybrid Annuity Mode (HAM), the project has been declared fit for commercial operation effective May 9, with a Provisional Completion Certificate issued by the authorities.The project was completed within 24 months and includes a 15-year operation and maintenance period post the Commercial Operation Date (COD), with the first-year O&M cost estimated at Rs 3 crore.
ADVERTISEMENT Dilip Buildcon share price performanceOver the past year, shares of Dilip Buildcon have declined 6.81%. However, the stock has shown positive momentum more recently, rising 9.19% year-to-date (YTD), 8.45% in the last six months, 8.42% over the past three months, and 3.98% in the last month.
ADVERTISEMENT On Wednesday, shares of Dilip Buildcon closed 1.9% higher at Rs 498.05 on BSE.
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