Shares of Dilip Buildcon Ltd rose nearly 4% on Thursday. The company, through its joint venture firm, executed a contract agreement worth ₹1,061 crore with the Gujarat Metro Rail Corporation.
In October, the company, through Ranjit Buildcon Ltd – Dilip Buildcon Ltd JV, received the letter of acceptance from Gujarat Metro Rail Corporation Ltd. The project is expected to be completed within 26 months.
The company in a regulatory filing said that it has received an order for the construction of 10.559 km Elevated Viaduct and 11 Nos Stations from Bheshan Dead End to Majura Gate Station including Viaduct Ramp to Depot Entry Near Bheshan for Surat Metro Rail Project Phase - 1, Corridor-2.
On the technical front, the stock is trading at high volume of 1.3 million, and the weekly average delivery volume is 52.94%.
"We are witnessing a strong spurt in volumes today , gradual upmove is seen as well, going ahead, 240 - 245 level range is crucial, if we see a breakout beyond it then a strong uptrend can start in this counter towards 260 level.The immediate support is at 220 level," said an analyst who wished not to be quoted.