Dilip Buildcon scales to a 52-week high for 3rd day in succession after firm gets Rs 413 order from Madhya Pradesh govt
Dilip Buildcon said that the company, through Vijay Kumar Mishra Construction Pvt. Ltd.-Dilip Buildcon Limited (JV) [VKMCPL -DBL (JV)], had declared as an L-1 bidder for the tender floated by the Water Resources Department, Madhya Pradesh.
Dilip Buildcon Share Price: Dilip Buildcon hit a fresh 52-week high on BSE on Friday (February 16, 2024) for the third session in a row after the company got an order worth Rs 412.92 crore from the Madhya Pradesh government. The stock of the company providing infrastructure solutions was trading up by 2.83 per cent, or Rs 12.75, at Rs 463.60 at 11:30 am on Friday.
It also hit a 52-week high on Wednesday and Tuesday.
"The Company through Vijay Kumar Mishra Construction Pvt. Ltd.-Dilip Buildcon Limited (JV) [VKMCPL -DBL (JV)] has declared as L-1 bidder for the tender floated by the Water Resources Department, Madhya Pradesh," said the statement by Dilip Buildcon.
The project is for the construction of the Machhrewa Irrigation Project Dam and pressurised pipe irrigation network on a turnkey basis. The project cost is Rs 412.92 crore, and the duration to complete it is 60 months.
"Further, as per Company's Code of conduct of Prevention of insider trading and pursuant to Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time, the trading window for dealing in the securities of the Company for all insiders, designated persons and their immediate relatives, connected persons, fiduciaries and intermediaries shall be closed till 48 hours from the date the said information generally made available with the public," said Dilip Buildcon.
What does brokerage say about Dilip Buildcon?
After Dilip Buildcon reported its December quarter results early this week, IDBI Capital said, "Dilip Buildcon (DBL) Q3FY24 (standalone) operational numbers (EBITDA) came in-line with our and consensus estimate. PAT was boosted by one off gains. After weak Q1FY24, DBL has reported revenue increase of 7 to 8% YoY and we expect it to close FY24E with revenue increase of 5% YoY. Debt has been reducing, which is positive but need to watch for debt level as DBL aim to have asset ownership business in long term."
The brokerage further says that DBL is adapting a new strategy “DBL 2.0”, wherein its main focus will be to strengthen the balance sheet, become net debt free in upcoming 2 years, maintain consistent cash flow, deliver growth (Improving ROE,ROCE ), and build client reach in different geographies.
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