Dilip Buildcon shares hit 20% upper circuit amid spurt in volume, revision in credit ratings

Shares of Dilip Buildcon spurted in Tuesday's intraday trade to hit 20% upper circuit. The upswing in the construction related stock comes amid spurt in volume and on the back of revision in credit ratings for bank facilities from CARE Ratings.  

"We would like to inform you that the Company has received ratings letter dated March 31, 2022 from CARE Ratings for bank facilities," read a regulatory filing form Dilip Buildcon Ltd on April 2.  

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As per the corporate filing by Dilip Buildcon, Credit ratings for bank facilities and NCDs from CARE Ratings are: Long term bank facilities (Rs 1940 crore) - CARE A-; Stable (revised from CARE A; Stable) 

Long term/ short term bank facilities (Rs 4500 crore) - CARE A-; Stable / CARE A2+ (revised from CARE A; Stable/ CARE A1). Non-convertible debentures (Rs 300 crore) - CARE A; Stable (revised from CARE A; Stable) 

At 11.30 am, this construction stock was locked in 20% upper circuit to Rs 302.10 per share on the BSE. The scrip has been largely dormant for the past one year and has traded negatively. The stock gave a negative return of around 29% in 3 months, 49% in six months and 47% in the last one year. The stock is still trading 148% lower from its 52-week high value of Rs 749.30 per share on the BSE. The shares touched a 52-week low of Rs 233.80 on March 29.  

Established in 1987, Dilip Buildcon Limited is a construction and infrastructure development company headquartered at Bhopal, Madhya Pradesh.