Dilip Buildcon Ltd shares gained as much as 4.6% in intra-day trade on Tuesday after the company bagged an order worth around Rs 2,120 crore from a Coal India subsidiary.
At 1:53 pm, shares of Dilip Buildcon were trading at Rs 413, up 2.2%, after hitting the day’s high of Rs 422.85. Notably, the stock has lost over 15% in the last one month.
“DBL (Dilip Buildcon) has been awarded overburden removal contract mining work for Nigahi Project at Singrauli District in Madhya Pradesh by the Northern Coalfield Ltd (NCL), a subsidiary of Coal India,” the construction company said in its BSE filing. In mining, overburden refers to the overlying material (rock, soil) that generally has no commercial value.
The company said overburden removal quantity stood at 186.23 million BCM (bank cubic meter) and the contract period was 1,552 days.
To recall, Dilip Buildcon was declared as L1 bidder in the reverse auction conducted by Northern Coalfields on 29 September this year.
In a separate announcement, Dilip Buildcon announced that the project 'four laning of Tuljapur - Ausa (including Tuljapur Bypass) section of National Highway (NH)-361’ under NHDP Phase-IV in Maharashtra on hybrid annuity mode has been provisionally completed. The project has been completed 184 days prior to the schedule and has been declared fit for entry into operation as on 18 November.
Dilip Buildcon had recently announced that net profit in the September quarter declined 56.9% to Rs 25.87 crore, while net sales rose 15.4% to Rs 1,994.40 crore compared with a year ago.