Dilip Buildcon may snap 6-day losing streak

Shares of Dilip Buildcon look set to snap their six-day losing streak in Thursday's session after the company informed bourses that its joint venture has declared as the lowest (L-1) bidder for a new EPC Project in Gujarat.

The scrip traded 4.23 per cent up at Rs 283.05 at around 11.50 am (IST), while the benchmark BSE Sensex was up 0.95 per cent at 35,750.

“Dilip Buildcon-HCC has been declared as L-1 bidder for the tender floated by the Narmada, Water Resources, Water Supply and Kalpsar Department (Water Resources) on EPC basis in the state of Gujarat,” the company said in a regulatory filing.

The bid project's cost is Rs 4,167.70 crore. The contract completion period is 48 months and maintenance period is 10 years.

Earlier, shares of the company declined to Rs 271.55 on July 1 from Rs 292.50 on June 23.

In other updates, the company on June 29 informed bourses that it has raised Rs 200 crore through an issue of non-convertible debentures (NCDs) on a private placement basis.

The highways builder in May reported more than doubling of its consolidated profit to Rs 190.97 crore for the March quarter. It had clocked a profit of Rs 84.09 crore during the corresponding period of 2018-19.