The shares of Dilip Buildcon surged nearly 4 percent intraday after the company announced that it has won an order worth Rs 1,341 crore from Konkan Railway. The stock had hit a high of Rs 506.85 apiece during the day, but later erased all gains to close in the red with marginal losses at Rs 485.50 apiece.

In an exchange filing, Dilip Buildcon said that it has received the letter of acceptance (LOA) for the construction of twin tube unidirectional tunnel in the Kozhikode and Wayanad districts of Kerala. The tunnel will consist of four lanes - two lanes in each traffic direction, and will provide direct connectivity between Anakkampoyil – Kalladi – Meppadi.

Dilip Buildcon will build the tunnel on an Engineering, Procurement & Construction (EPC) basis, and is scheduled to complete it within two years. The broad consideration of the project was stated to be Rs 1,341 crore.

Dilip Buildcon shares have risen over 1.6 percent in the past one month, and more than 3 percent in the past six months. The shares however, have fallen nearly 12 percent in the past one year. The stock has an adjusted P/E ratio of 11.7.

Nearly 6.99 lakh shares of the company were involved in active trade today, which is nearly double of its 10-day average volumes. The stock is currently over 17 percent lower than its 52-week high level of Rs 588 apiece, which it had hit in August last year. It has however gained nearly 34 percent since January this year when it hit a 52-week low of Rs 363.15 apiece.