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market | IST

Dilip Buildcon shares rally 4% on receiving LOA from Rail Vikas Nigam

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The share price of Dilip Buildcon gained over 4 percent in the early trade on Wednesday after the company received a letter of acceptance (LOA) from Rail Vikas Nigam.

The share price of Dilip Buildcon gained over 4 percent in the early trade on Wednesday after the company received a letter of acceptance (LOA) from Rail Vikas Nigam.
The stock rose as much as 4.11 percent to Rs 395.85 apiece on the BSE. The stock, however, slightly pared gains, trading 3.37 percent higher at Rs 393.00 per share, at 11:36 am.
The shares have risen over 41 percent so far in August.
The company received the LOA through its joint venture HCC-DBL (JV) on August 18, 2020, for a new project in Uttarakhand. The bid project cost is of Rs 1,334.95 crore and the completion period is 50 months.
The project includes the construction of tunnels, bridges, yard, and formation works under package-9 in connection with the new BG Line between Rishikesh and Karanprayag (125 km) in Uttarakhand.
The company has secured record orders worth Rs 10,703.2 crore in FY21.