ITD Cementation Share Price Surges 20% To Record High On Rs 1,937-Crore Contract Win
ITD Cementation India won contract to construct a multistoried commercial building in Uttar Pradesh.
ITD Cementation India Ltd. surged 20% to hit a record high on Thursday after the company won a contract for the construction of a multistoried commercial building in Uttar Pradesh, valued at approximately Rs 1,937 crore, including taxes and duties.
The announcement, made earlier today, stated that the contract falls within the ordinary course of the company’s business operations.
ITD Cementation specialises in heavy civil engineering and infrastructure projects, including maritime structures, mass rapid transit systems, airports, and more.
The contract's acquisition is expected to bolster ITD Cementation's growth trajectory and enhance its portfolio of completed projects.
Shares of the company rose as much as 20% to Rs 645.35 apiece. The stock pared gains to trade 19.60% higher at Rs 643.20 apiece as of 11:00 a.m. This compares to a 1.15% decline in the NSE Nifty 50 index.
The stock has risen 186.63% in the last 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 71.
Out of four analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 17.2%.
