Dilip Buildcon declared L1 bidder for projects worth Rs 2,439 cr; stk up 4%

The company's wholly owned subsidiary - Dodaballapur Hoskote Highways has also received the appointed date letter from NHAI for Rs 1,278 crore HAM project

Shares of Dilip Buildcon shot up 4 per cent to Rs 657 on the BSE on Wednesday after the company announced that it has been declared as L-1, or lowest bidder, for two new Hybrid Annuity Mode (HAM) projects 'Bangalore Chennai Expressway under Bharatmala Pariyojna in the state of Karnataka, Phase -I (Package- I & II) worth Rs 2,439 crore.

The stock hit a fresh 52-week high today, rallying 54 per cent in the past one month, as compared to 2.4 per cent rise in the S&P BSE Sensex. In the past three months,  the stock has zoomed 80 per cent, against 12 per cent gain in the benchmark index.

“The Company has been declared as L-1 bidder for the tenders floated by the National Highways Authority of India (NHAI) on Hybrid Annuity basis in the state of Karnataka,” Dilip Buildcon said in a exchange filing.

The first project is worth of Rs 1,160 crore for 4 Ianing from km 0.000 to km 26.400 (along with 0.700km approach towards NH 207 with interchange on NH4 at start point) of Bangalore to Malur Section of Bangalore Chennai Expressway on HAM under Bharatmala Pariyoina, in the state of Karnataka (Phase-l Package-I), the company said.

The second project is 4 Lane Expressway from km 26.400 to km 53.500 of Malur to Bangarpet section of Bangalore Chennai Expressway. Both these projects are scheduled to be completed in 24 months, it said. The operation period of the projects is 15 years from the commercial operation date, it added.

Meanwhile, in a separate regulatory filing, Dilip Buildcon announced that its wholly owned subsidiary - Dodaballapur Hoskote Highways has received the appointed date letter from NHAI on Rs 1,278 crore HAM project and had declared the appointed date with effect from February 22, 2021.