ITD Cementation Ltd.’s shares have been locked into a 20 per cent upper circuit, marking the second such lock in the previous ten trading sessions, following the company’s announcement that it has obtained a new order worth Rs 1,937 crore.
The shares of ITD cementation opened at Rs 533.85 per share on the national stock exchange and went on to touch the day high, 52-week high, as well as the all-time high level of Rs 645.35 per share on the National Stock Exchange (NSE).
During the session on the National Stock Exchange (NSE), the stock reached a record high of Rs 644.40, delivering impressive year-to-date (YTD) returns of 121.94 per cent and solidifying its status as a multibagger for investors. Additionally, the market capitalisation of the company rose to 11,090 crore.
Contract for commercial building
According to the company’s exchange filing on Thursday, October 3, it had secured a contract in Uttar Pradesh to build a multi-story commercial building.
The contract is estimated to be worth Rs 1,937 crore in total, including taxes and duties.
ITD Cementation got an order of 1937 Cr for constructing a multi-storied commercial building.
Considering ITD is 11K Market cap. This order of roughly 1/5th of their market cap is huge. pic.twitter.com/ifz1Fzhyma
— Vishwa Sharan (@vmsharan) October 3, 2024
The order’s parameters and the deadlines for completing it have not been further explained by ITD Cementation. Additionally, it hasn’t stated where the order book is at the moment following this latest order victory.
Promoter stake acquisition
The exchanges were notified by ITD Cementation on July 3rd that the promoters planned to sell their shares in the Indian company. ITD Cementation stated in an exchange filing that the promoters’ plans to sell their stake have not yet reached a definitive stage.
according to a report published on August 1st, which stated that KEC International was the clear favourite to purchase this promoter stake in ITD Cementation.
Two other parties, one domestic and the other foreign, were reportedly also competing for this stake, according to another report.
