Dilip Buildcon gains on receiving LoA for HAM project

Dilip Buildcon rose 2.93% to Rs 378.80 after the company said it received letter of award (LoA) on 14 September 2020 from the National Highways Authority of India for Hybrid Annuity Mode project in Bihar.

The bid project cost is 1140.50 crore. The project will be completed in a period of 24 months with operation period of 15 years from commercial operation date. The cost of first year's operation and maintenance is Rs 3 crore.

On a consolidated basis, Dilip Buildcon's net profit tanked 49.7% to Rs 50.48 crore on 13.8% decrease in net sales to Rs 2,099.95 crore in Q1 June 2020 over Q1 June 2019.

Dilip Buildcon is engaged in the business of infrastructure facilities on engineering procurement and construction (EPC) basis. The scrip surged 95.86% from its 52-week low of Rs 193.40 hit on 25 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 57.549. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 334.64 and its 200-day moving average (DMA) placed at 321.96.

Powered by Capital Market - Live News