Dilip Buildcon rises 3% on incorporation of subsidiary to explore mining activities
Shares of Dilip Buildcon added 3 percent intraday Friday as it has incorporated a subsidiary to explore the mining activities.
A new company has been incorporated named as DBL-VPR Mining for exploring sector of mining activities including but not limited to coal mining.
The said company has been incorporated as a subsidiary of Dilip Buildcon.
DBL-VPR Mining is jointly promoted by Dilip Buildcon and VPR Mining Infrastructure, with equity participation of 74 percent and 26 percent respectively, in the equity share capital of the said company.
The new company is formed following discussions between Dilip Buildcon and VPR Mining Infrastructure who together have recognized the major synergies that both companies may offer each other in the field of various projects within the mining industry.
The said company shall be exploring and identifying various mining tenders and shall work for submission of bid for the same.
Vijay Chopra of enochventures.com told CNBC-TV18, “All the major players in the infrastructure space are going to be great beneficiaries of whatever is going to happen in the next two years. We are going to listen a lot of good news on the infrastructure space in the Budget. Projects like Bharatmala have already been announced where companies like Dilip Buildcon should benefit.”
He further added, “If somebody holds on with a longer term perspective, Rs 1,200 is something which can be expected from Dilip Buildcon, so stay invested. Don’t get carried away if at all market even corrects. If somebody holds with maybe around 1.5-2 years perspective, Rs 1,200 is coming on the stock.”
At 15:20 hrs Dilip Buildcon was quoting at Rs 999.10, up Rs 15.95, or 1.62 percent on the BSE.
The share touched its 52-week high Rs 1,059 and 52-week low Rs 224.40 on 27 December, 2017 and 09 January, 2017, respectively.
Currently, it is trading 5.66 percent below its 52-week high and 345.23 percent above its 52-week low.
Posted by Rakesh Patil