Dilip Buildcon hits 52-week high after JV declared lowest bidder for Rs 412.9-cr MP project

The project tis for construction of Machhrewa Irrigation Project Dam and pressurized pipe irrigation network on turnkey basis.

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The share price of Dilip Buildcon scaled a 52-week high in early trade on February 16 after the company’s joint venture with Vijay Kumar Mishra Construction Pvt Ltd was declared the lowest bidder for a Madhya Pradesh Water Resources Department project.

The share price touched 52-week high of Rs 485.90. At 9:21am, Dilip Buildcon was quoting Rs 479.55, up Rs 28.70, or 6.37 percent, on the BSE.

The project involves construction of Machhrewa Irrigation Project Dam and building a pressurised pipe irrigation network on a turnkey basis. The project cost is pegged at Rs 412.92 crore and is to be completed in 60 months.

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The company’s net profit stood at Rs 107.4 crore for the third quarter ended December 31, 2023, as against Rs 111 crore a year back. The operational income of the company rose by 23.9 percent, reaching Rs 2,876.8 crore from Rs 2,322.4 crore last fiscal.

Dilip Buildcon, operating on an engineering, procurement, and construction (EPC) model, takes on projects involving specialised constructions such as bridges and tunnels. The company, classified as Class A-V, is officially registered with the Public Works Department in Bhopal and the Water Resource Department in Madhya Pradesh.

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