Dilip Buildcon fell to a day low of Rs 402.60 on Monday, down 2%, despite topping bids for two Maharashtra projects worth Rs 1,840 crore.

The first is a road project in Solapur. The National Highways Authority of India (NHAI) has declared the company the lowest bidder, called L-1, for a four-lane elevated corridor on NH-65.

It runs from Old Pune Naka to Boramani Naka, covers 9.66 km and costs Rs 688.23 crore, excluding GST. L-1 is a bidding stage, not a final contract.

If it goes ahead, the company gets 24 months to build the corridor and then runs it for 15 years under the Hybrid Annuity Mode. The filing says the promoter group has no interest in the awarding authority.

The second is a power line. Maharashtra State Transmission Utility, through bid coordinator REC Power Development and Consultancy Ltd, has picked Dilip Buildcon as the successful bidder for the 400 KV Yavatmal (Babhulgaon) transmission system.

The construction part is worth Rs 1,151.47 crore, excluding GST. Under the bid terms, the company will buy 100% of the project company, build the lines within 24 months and then operate them for 35 years from the start of commercial operation.

Last week was busy too. The company was also named successful bidder for another Maharashtra transmission project.

It also said it signed deals to sell its stake in 10 companies behind a 1,363 MW solar portfolio in Madhya Pradesh to Alpha Alternatives and its affiliates, a move meant to free up money for new projects.

At 14:25 pm, shares of Dilip Buildcon were trading at Rs 407.70 on NSE, down 1.15% from the previous close of Rs 412.45.

The stock opened at Rs 412.00 and has since recovered from the day’s low. It sits about 26.1% below its 52-week high of Rs 551.95 and has lost 13.97% so far this year.

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