Dilip Buildcon stock up after board considers fund raise

Dilip Buildcon Limited shares traded over a percent higher at Rs 321 on November 3 morning after the company said its board of directors would consider fund-raising options at a November 7 meeting.

In the last six months, the stock has surged 78 percent. An infrastructure player, Dilip Buildcon builds roads, bridges, transport corridors and tunnels.

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In recent months, the company has bagged multiple orders. In October, the Bhopal-based firm signed a pact with the Water Resources Zone, Udaipur (Rajasthan) for a Rs 396.93-crore project.

A month earlier, the company received letter of acceptance (LOA) for engineering, procurement, construction, testing, commissioning, trial run and operation and maintenance for Narmada Gambhir Multi Village Drinking Water Supply Scheme in Madhya Pradesh’s Ujjain district. The order is  worth Rs 1,275.30 crore.

Early this year, the company was declared as the L-1 (lowest) bidder for a tender floated by the National Highways Authority of India on a hybrid annuity basis. The company will build a six-lane highway from Audireddipalle to Mallapalle under the Bharatmala Pariyojana Phase-I in Andhra Pradesh.

At 11.16 am, the stock was trading at Rs 317, up 1.7 percent from the previous close on the NSE.

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