Dilip Buildcon shares erase gains after rising nearly 4% on receiving MDO contract from NALCO

Shares of Dilip Buildcon rose as much as 3.2% to hit an intraday high of ₹478.15 before erasing intraday gains on Wednesday, December 10, on the National Stock Exchange. On the BSE, Dilip Buildcon shares advanced as much as 3.63% to hit an intraday high of ₹477.90 after the company informed exchanges that it won an order from National Aluminium Company (NALCO).

Dilip Buildcon informed exchanges that it received the Letter of Award (LOA) for a tender floated by NALCO.

Dilip Buildcon received MDO contract for development and operation of Pottangi Bauxite Mines along with overland conveyor corridor (OLCC) and allied facilities for a period of three years for a total consideration of ₹1,750 crore excluding goods and services tax (GST).

The development comes after Dilip Buildcon, lkast month, informed exchanges that it emerged as the lowest (L1) bidder MDO contract for development and operation of Pottangi Bauxite Mines along with overland conveyor corridor (OLCC) and allied facilities.

The contract is for 25 years for ₹5,000 crore.

Dilip Buildcon's past orders

The company last month also received a letter of acceptance (LoA) for a project worth ₹879.30 crore (excluding GST) from the National Highways Authority of India (NHAI).

The project was for the “4-laning of Paramakudi to Ramanathapuram section of NH-49 (New NH-87) Km 80+360 to km 127+025 (Design Change) in Tamil Nadu on Hybrid Annuity Mode (Project Length - 46.665 km),” it stated.

The project has a construction timeline of 24 months, followed by a 15-year-long operation and maintenance period.

In October, the Bhopal-headquartered company bagged three work orders.

On October 29, it received a 24-month back-to-back sub-contract for the development of the Barpali loading bulb at Kusara, valued at approximately ₹307.08 crore (including GST).

It was also declared the L1 bidder for a ₹979.30 crore tender floated by the National Highways Authority of India (NHAI).

Furthermore, it received the letter of acceptance (LOA) for the development of a 100 MW grid-connected ground-mounted solar PV power project under captive mode to supply power to Madhya Pradesh Jal Nigam for 25 years from the date of commissioning.

As of 11:32 am, Dilip Buildcon shares traded 0.21% lower at ₹460, underperforming the NIFTY50 index which was trading on a flat note.