Dilip Buildcon shares surge 4% after Rs 1,060 cr Expressway project achieves provisional completion

Shares of Dilip Buildcon surged as much as 3.8% to a day’s high of Rs 517 on the BSE on Thursday, June 26, after the company announced the provisional completion of a Rs 1,060 crore infrastructure project under the Government of India’s Bharatmala Pariyojana.

The project involved the construction of a 4-lane section of the Bangalore–Chennai Expressway from Km 127.000 (Bangarupalem) to Km 156.000 (Gudipala) in Andhra Pradesh, under Phase II/Package III.

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“In accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that the project—'Construction of 4-lane Bangalore–Chennai Expressway from Km 127.000 (Bangarupalem) to Km 156.000 (Gudipala) section in the State of Andhra Pradesh under Bharatmala on Hybrid Annuity Mode (Phase II/Package III)'—has been provisionally completed,” the company said in an exchange filing.

Executed on a Hybrid Annuity Mode (HAM), the project has been declared fit for commercial operation effective May 9, with a Provisional Completion Certificate issued by the authorities.

The project was completed within 24 months and includes a 15-year operation and maintenance period post the Commercial Operation Date (COD), with the first-year O&M cost estimated at Rs 3 crore.

Dilip Buildcon share price performance

Over the past year, shares of Dilip Buildcon have declined 6.81%. However, the stock has shown positive momentum more recently, rising 9.19% year-to-date (YTD), 8.45% in the last six months, 8.42% over the past three months, and 3.98% in the last month.

On Wednesday, shares of Dilip Buildcon closed 1.9% higher at Rs 498.05 on BSE.

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