ITD Cementation India Ltd. shares hit the 20% upper circuit on Friday after reports said that Adani Group has become the top contender to acquire stake in the company. The share price rose to the highest level since Aug. 29.
ITD Cementation India clarified that there is no development or conclusion in the divestment by Italian Thai Development Public Co., its promoter, it said in an exchange filing on Friday.
Adani Group is on the frontlines to acquire a promoter stake in ITD Cementation, said reports, citing anonymous sources.
Adani Group is looking to acquire 46.64% stake in the company, as per the reports. At the present market value, the deal can be pegged at Rs 5,888.57 crore, inclusive of the fully subscribed open offer following promoters' stake purchase, Economic Times reported.
"In response to your email received today, ITD has informed to us today that at this time there is no conclusion with regard to the proposed divestment of ITD’s investments in the Company."ITD Cementation India
Following the news, which is not confirmed by both the parties in discussion, shares of ITD Cementation snapped a three-day losing streak.
ITD Cementation India Ltd. hit the 20% upper circuit to touch the highest level since Aug 29. It was trading 19.16% higher at Rs 561.90 apiece as of 12:52 p.m., as compared to 1.50% advance in the NSE Nifty 50 index.
The scrip rose 155.83% in 12 months and 96.87% year-to-date. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was 62.21.
Out of four analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold,' and one suggests'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.7%.
Also Read: Stock Market Today: Nifty, Sensex End Record Week With Closing Highs as HDFC Bank, ICICI Bank Lead
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