ITD Cementation wins ₹1,937 Crore order; stock zooms ~20%

3 Oct 2024 , 12:34 PM

ITD Cementation Ltd. shares are trading in a 20% higher circuit, the second in the previous ten trading sessions, following the company’s announcement of a new order.

On Thursday, October 3, the business informed the exchanges that it had secured a contract to build a multi-story commercial structure in Uttar Pradesh.

The contract is estimated to be worth ₹1,937 Crore, which includes taxes and charges.

ITD Cementation has not provided any additional information about the scope of the order or the timelines for its execution. It has also not been stated how the existing order book stands following this recent order win.

The corporation has been in the news due to the sale of its promoter share, for which several companies are bidding.

On July 3, ITD Cementation informed the exchanges that the promoters seek to sell their stake in the Indian firm. In an exchange filing, ITD Cementation stated that the promoters’ plans to sell their stake have not reached a final stage.

On September 22, it was reported that the Adani Group had entered the contest to acquire the promoter interest. That was the day the stock got stuck in a 20% upward trend.

At around 11.14 AM, ITD Cementation was trading 19.90% higher at ₹644.80, against the previous close of ₹537.80 on NSE. The counter touched an intraday high and low of ₹645.35, and ₹533.85, respectively.

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