Dilip Buildcon shares experienced a surge of more than 12%, following the announcement by the road construction company about the successful completion of a bridge project in Goa valued at Rs 5.45 billion.
Initially, the stock opened at a lower value but subsequently reversed its losses, rallying over 12% and reaching a peak of ?432.70 throughout the day. The Bhopal-based company conveyed to the stock exchanges that the construction of a bridge, along with its approaches across the Zuari river on NH-17/NH-66 in the Panjim Mangalore section of Goa, had been concluded. The project, awarded to the company on an Engineering, Procurement, and Construction (EPC) basis, was valued at Rs 5.45 billion.
In an exchange filing, the company reported that the authorities had issued the completion certificate, declaring the project fit for operation as of September 30, 2023. The contract for the project was granted on April 11, 2016, with the original completion date set for 2021. However, due to delays caused by the COVID-19 pandemic, the revised completion date was extended to August 31, 2023.
The cable-stayed bridge, recognized as India?s widest, is considered a crucial link connecting South and North Goa. Dilip Buildcon has successfully concluded four HAM projects amounting to Rs 24.95 billion and one EPC project valued at Rs 5.70 billion in Gujarat, Karnataka, Telangana, and Chhattisgarh in the current fiscal year.
In the same fiscal year, the company secured four projects totalling Rs 26.41 billion in Madhya Pradesh, Rajasthan, and Goa, covering irrigation, water supply, and urban development.
