Shares of Dilip Buildcon declined 3% on 29 October despite the company announcing progress on a major highway project in Maharashtra. 

On 28 September, the infrastructure company was declared the lowest bidder for a project worth Rs 688.23 crore awarded by the National Highways Authority of India. The project involves building a four lane elevated corridor on National Highway 65 in Solapur. It will connect Old Pune Naka with Boramani Naka and cover approximately 9.66 kilometres.

Dilip Buildcon will execute the project under the Hybrid Annuity Model, a public private partnership arrangement in which the government and the contractor share financial responsibilities.

The project has a construction period of 24 months. After construction, the company will be responsible for operating the corridor for 15 years from its commercial operation date. The disclosed project value excludes GST.

However, being declared the lowest bidder does not automatically mean the company has received the final contract award. The next steps depend on the tender process and the formal award of the project. The Solapur project adds to Dilip Buildcon’s infrastructure pipeline.

At 12:10 pm, the shares of Dilip Buildcon 3.47% lower at Rs 372.50 on NSE. 

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