Dilip Buildcon Ltd or DBL is currently the top gainer on the BSE, going up over 9.5% to Rs.869.80, with volumes almost doubling up.
The company announced today morning that it has emerged as the lowest bidder (L-1) for Coal India’s new OB Removal Contract Mining Project in Madhya Pradesh. This is valued at Rs. 717 crore.
The period of work is defined at 36 months.
Some 10 days ago, the company had announced completion of its 4-laning project in Chhattisgarh under NHDP-IV on EPC Mode (the 'Project Highway), awarded by the National Highways Authority of India. Valued at Rs.368 crore, the Provisional Completion Certificate was issued on July 14, 2018 and declared the project fit for entry into commercial operation as on May 20, 2018.
The other good news, which probably had a higher impact was its moving out of the additional surveillance measures (ASM) framework from today.
ASM casts a shadow on the stock as it is a surveillance method of SEBI when share price rise beyond their fundamentals and it is put under ASM to ensure that the share is not being driven up questionable elements in order to later sell them off to the unsuspecting public.