Shares of Dilip Buildcon Ltd fell 3% after touching a day’s high of Rs 444.70 on 16th March. This happened despite the company announcing that it has been declared the lowest (L1) bidder for a road construction project worth Rs 160.20 crore, excluding GST, in a filing on 14th March.

The project involves building a diversion road from 4/700 km to 11/500 km on the Duduka–Gopalpur–Toparia Road in Sundargarh district, Odisha. Moreover, the six-lane corridor will also include a service road.

Odisha Bridge & Construction Corporation Limited issued the tender. The project will be executed on an Engineering, Procurement and Construction (EPC) basis. Additionally, the company said the project is expected to be completed within 18 months.

Earlier this week, Dilip Buildcon also received a Letter of Intent from REC Power Development and Consultancy Limited to develop a 400 kV substation at Mekhali. The project will also include associated transmission lines in Belagavi district, Karnataka.

At 11:23 AM, shares of Dilip Buildcon were trading 2.84% lower at Rs 427.90 on the NSE.

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