Shares of Dilip Buildcon Ltd. jumped to their highest level in over a month on Tuesday after it bagged a contract worth Rs 1,092.46 crore from the Haryana Rail Infrastructure Development Corp. for the construction of a railway line in the state. The project is expected to be completed within 36 months, the company said.
The project includes designing and constructing a 21.14-kilometre-long broad gauge double railway line as part of the Haryana Orbital Rail Corridor project, specifically between the Prithla and Dhulawat stations, according to an exchange filing.
The contract includes the design and construction of civil works, viaduct, and ballastless track including the commissioning of general electrical services between the two railway stations, the filing said.
Shares of the company rose as much as 6.98% to Rs 502.20 apiece, the highest level since Feb. 19. It pared gains to trade 2.2% higher at Rs 479.10 apiece as of 10:59 a.m. This compares to a 0.35% advance in the NSE Nifty 50.
The stock has risen 165.22% in the last 12 months. On the NSE, total traded volume so far in the day stood at 1.96 times its 30-day average. The relative strength index was at 66.04.
Out of the six analysts tracking the company, three maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.9%.
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