Dilip Buildcon Shares End Lower After Gaining On Order Win From NHAI
The contract is worth Rs 780.1 crore and is to be completed in 24 months.
Shares of Dilip Buildcon Ltd. reversed all their intraday gains to end lower on Tuesday.
The stock had gained as much as 10%, the most since Oct. 4, after it won a construction order from the National Highways Authority of India.
The company emerged as the lowest bidder at Rs 780.1 crore to construct a six-lane access-controlled greenfield highway in the Bengaluru-Vijayawada Economic Corridor in Andhra Pradesh, in Hybrid Annuity Mode.
The completion period of the project is 24 months, the construction and infrastructure company said in a stock exchange filing.
Shares of the company ended 2.36% lower at Rs 171.65 compared with a 0.20% decline in benchmark Nifty 50.
The total traded volume in the day stood at 37.5 times the 30-day average. Out of the six analysts tracking the stock, two maintain 'buy', three suggest 'hold' and one recommends 'sell', according to Bloomberg.
The return potential of the stock implies upside of 68.8% over the next 12 months.
The relative strength index stood at 21, indicating that the stock may be oversold.