Dilip Buildcon gains on turning lowest bidder for Delhi Metro project

Dilip Buildcon rose 1.83% to Rs 384 after the company said it has been declared the lower bidder by Delhi Metro Rail Corporation for Rs 825.62-crore project.

Dilip Buildcon through joint venture has been declared L-1 bidder for the project part design and construction of elevated viaduct, elevated ramp, siding lines, viaduct for connection to Mukundpur depot and four elevated stations, Phase-IV of Delhi MRTS and partly integrated and partly independent flyover of PWD between Azadpur and Derawal Nagar on G T Road by Delhi Metro Rail Corporation, the company said in a filing.

The completion period of the 7.4-km work is 30 months, it added. The announcement was made before market hours today, 10 December 2019.

Meanwhile, the S&P BSE Sensex was down 91 points or 0.23% to 40,396.06.

Shares of Dilip Buildcon fell 7.70% in the past six trading sessions to settle at Rs 377.10 yesterday, 9 December 2019, from its close of Rs 408.60 on 29 November 2019.

In the past one month, shares of Dilip Buildcon dropped 10.01% to its current market price of Rs 377.10.

On the technical front, the stock's RSI (relative strength index) stood at 40.596. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 403.63, as well as below its 200 DMA placed at Rs 467.56.

Dilip Buildcon's consolidated net profit tumbled 56.9% to Rs 25.87 crore on 15.4% increase in net sales to Rs 1,994.40 crore in Q2 September 2019 over Q2 September 2018.

Dilip Buildcon is engaged in the business of infrastructure facilities on engineering procurement and construction (EPC) basis. The company undertakes contracts from various government and other parties and special purpose vehicles promoted by the firm.

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