Dilip Buildcon inches up after rating upgrade of bank facilities

Dilip Buildcon rose 1.17% to Rs 224.10 at 11.34 IST on BSE after the company said that India Rating & Research upgraded the ratings of its long term and short term bank facilities.

The announcement was made after market hours yesterday, 28 December 2016.

Meanwhile, the S&P BSE Sensex was up 17.01 points or 0.06% at 26,227.69.

On the BSE, 2,479 shares were traded on the counter so far as against the average daily volumes of 32,731 shares in the past one quarter. The stock had hit a high of Rs 226.50 and a low of Rs 222.80 so far during the day.

The stock had hit a record high of Rs 261.90 on 1 December 2016 and a record low of Rs 178.60 on 9 November 2016. The stock had underperformed the market over the past one month till 28 December 2016, declining 4.2% compared with the Sensex's 0.53% fall. The scrip had, however, outperformed the market over the past one quarter declining 7.11% as against the Sensex's 7.36% fall.

The mid-cap company has equity capital of Rs 136.77 crore. Face value per share is Rs 10.

Dilip Buildcon said that the credit rating agency, India Rating & Research (Ind-Ra) has upgraded its long term issuer rating and the long term rating on its bank facilities to 'IND A from IND A-' while resolving the rating watch positive (RWP). The outlook is stable. The agency has also upgraded the short term rating on its bank facilities to 'IND A1 from INDA2+.

Dilip Buildcon's net profit fall 82.7% to Rs 6.97 crore on 3.5% rise in net sales to Rs 915.66 crore in Q2 September 2016 over Q2 September 2015.

Dilip Buildcon is one of the leading road-focused engineering, procurement and construction (EPC) contractors in India.

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