Shares of Dilip Buildcon received a massive bump on Tuesday as the company announced receiving a letter of award (LOA) for ₹1,275.30 crore order.

What Happened: The construction company on Tuesday informed the exchanges that it had received LOA from the MP Jal Nigam, Bhopal. The order was won by a joint venture between Patel Engineering and Dilip Buildcon.

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The project is for the engineering, procurement, construction, operation and maintenance of 10 years of
Narmada Gambhir Multi Village Drinking Water Supply Scheme in MP’s Ujjain. The completion period for the project is two years.

The HDFC Fund stock rocketed over 6% to hit an intraday high of ₹336.75 as soon as the announcement was made at around 11:20 am. HDFC Mutual Fund owns a 6.08% stake in the company.

Price Action: Dilip Buildcon’s share price was up 5.38% to trade at ₹332.25. Patel Engineering’s share price was locked in 5% upper circuit at ₹58.25 on Tuesday.

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