ITD Cementation Shares Hit Record High After Bagging Rs 3,290-Crore Marine Contract

Shares of ITD Cementation Ltd. hit an all-time high on Friday after it bagged a marine contract worth Rs 3,290 crore, excluding GST.

However, the construction firm did not disclose more details about the contract in an exchange filing on Thursday.

ITD Cementation's stock was trading 12.17% higher at Rs 243.8 apiece compared to a 0.30% advance in the benchmark NSE Nifty 50 as of 9:39 a.m. The stock rose as much as 13.87% intra-day to hit a record high of Rs 247.5 apiece.

It has risen 105.3% on a year-to-date basis. The total traded volume stood at 22 times its 30-day average. The relative strength index was at 80, implying that the stock maybe overbought.

Four out of the five analysts tracking ITD Cementation maintain a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 4.3%.