Dilip Buildcon surges 9% after JV wins EPC project worth Rs 4,168 crore

Shares of Dilip Buildcon (DBL) moved higher by 9 per cent to Rs 308 on the BSE on Thursday after the company announced DBL-HCC (JV) has received the letter of acceptance (LoA) from the Narmada, Water Resources, Water Supply and Kalpasar Department (Water Resources) for an Engineering, Procurement and Construction (EPC) project in the state of Gujarat. The project is the joint venture between DBL and Hindustan Construction Company Limited (HCC).

“The EPC contract is for construction of Bhadbhut barrage, flood protection embankments and associated works across river Narmada near village Bhadbhut of Bharuch district, Gujarat,” DBL said in a regulatory filing. READ HERE

The bid project cost is Rs 4167.70 crore with completion period of 48 months and maintenance period of 10 years, it said.

Earlier on July 2, 2020, DBL through JV with HCC was declared as L-1 bidder for a new EPC project.

At 12:22 pm, the stock was trading 8 per cent higher at Rs 304 on the BSE, as against 0.62 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over three-fold with a combined 2.4 million shares having changed hands on the NSE and BSE till the time of writing of this report.

The stock of HCC was up 1.4 per cent at Rs 5.97 after hitting an intra-day high of Rs 6.03 on the BSE.