India's Dilip Buildcon gains on favourable tribunal order with $1.9 mln payout

Dilip Buildcon

27/08/2024 07:37

** Shares of infra developer Dilip Buildcon  DIBL.NS  rise
3%
    ** Tribunal orders National Highways Authority of India
(NHAI) to pay 166.6 mln rupees ($1.9 mln) to DIBL
    ** DIBL had invoked arbitration against Punjab's public
works department seeking relief after delays and breaches in a
project it bagged from NHAI in 2016
    ** Damages  due to delays in payment of bonus for early
completion, release of bank guarantees among others, according
to tribunal
    ** Stock up 44% in 2024 so far

($1 = 83.9320 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))