ITD Cementation Surges on ₹1,937 Crore Project Win

3 Oct 2024 , 04:46 PM

Shares of ITD Cementation surged by 20% on the back of securing a new contract for a multi-story commercial building project in Uttar Pradesh. The contract is valued at approximately ₹1,937 crore, inclusive of taxes and duties.

ITD Cementation has not disclosed specific details about the project scope or the expected timeline for completion.

The company’s stock saw heavy trading activity, with one crore shares changing hands on BSE and NSE combined, significantly higher than the one-month average of 41 lakh shares.

Over the past two weeks, ITD Cementation’s stock has rallied 35%, partly fueled by rumors of Adani Group’s interest in acquiring a promoter stake.

Italian Thai Development (ITD) Public Company Limited, the promoter shareholder, has informed ITD Cementation that they are exploring a potential divestment of their investments, though no definitive decisions have been made.

The stock has seen impressive growth, surging 121% year-to-date, doubling investor capital. In the last 12 months, ITD Cementation’s stock has zoomed 186%, outpacing Nifty’s 32% rise during the same period.

ITD Cementation specializes in engineering and construction projects, including maritime structures, airports, tunnels, highways, and industrial buildings.