Madras High Court order in Dilip Buildcon appeal over Tamil Nadu road project
KNRCON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 1.6 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
KNR Constructions informed the exchange about an order from the Madras High Court in a writ appeal filed by Dilip Buildcon. Dilip Buildcon had challenged the rejection of its technical bid for a four-lane elevated corridor project in Tamil Nadu on Hybrid Annuity Mode, which was awarded to KNR by TANSHA. The court disposed the appeal, saying the matter should first be examined by the Appellate Authority under the Tamil Nadu Transparency in Tenders Act, 1998. The appellant has 5 days to approach the statutory authority, which must decide within 15 days. The interim application stands closed, so KNR's letter of award remains undisturbed for now.
Project award stays intact. Competitor may still challenge before the Tamil Nadu tender appellate authority within 5 days.