PANAJI: Shares of Dilip Buildcon Ltd. rose nearly 8% to the highest level in 22 months on Monday after the completion of a bridge, which had an initial finish date of April 2019, in Goa. The company completed the construction, including approaches, across the Zuari river on the Panjim-Mangaluru section of NH-17/NH-66, according to an exchange filing on Friday.
Dilip Buildcon’s stock rose as much as 7.61% to Rs 404.35 apiece, the highest since Jan. 14, 2022. It pared gains to trade 6.77% higher at Rs 401.20 apiece compared to a 0.27% decline in the benchmark NSE Nifty 50 at 10:09 a.m. It has risen 85.67% on a year-to-date basis. The total traded volume so far in the day stood at 8.6 times its 30-day average. The relative strength index was at 76, implying that the stock maybe overbought. Four out of the six analysts tracking Dilip Buildcon maintain a ‘buy’ rating on the stock and two recommend ‘hold’, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.5%.