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Dilip Buildcon soars on receiving LoA for Odisha-based Siarmal project

Capital Market 

Dilip Buildcon jumped 6.32% to Rs 696.85 after the company received the letter of acceptance (LOA) from Mahanadi Coalfield (MCL) for mine developer-cum-operator (MDO) contract.

The project involves the development and operation of Siarmal open cast project in Sundergarh district of Odisha.

In November 2020, the company was declared as the lowest (L1) bidder for the said contract, the tender for which was floated by Mahanadi Coalfield (MCL), a subsidiary of Coal India (CIL). The value of the contract is Rs 36,819.07 crore. The mineable reserve of the block to be exploited over a contract period of 25 years is 1,091 million tonne.

Dilip Buildcon is one of the leading full-service infrastructure company with construction capabilities in roads & bridges, mining, water sanitation, sewage and dams with a presence in over 19 states.

The company's consolidated net profit jumped 106.27% to Rs 182.20 crore on 7.09% rise in revenue from operations to Rs 2,746.20 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, March 04 2021. 15:21 IST