ITD Cementation Shares Hit All-Time High After June Sees Deals Worth Rs 2,400 Crore

ITD Cementation India Ltd.'s shares hit an all-time high during early trading hours on Monday, after the company secured a new order, taking its June deal win to over Rs 2,400 crore.

The Adani Group company won an international marine contract worth $67.4 million or Rs 580 crore for jetty construction works for the Ruwais LNG project in Abu Dhabi, according to a stock exchange filing on Friday.

Previously, the company secured two contracts worth Rs 960 crore. It involves the construction of various project works at Trivandrum International Airport in Kerala and a multi-storied commercial building in Kolkata.

Earlier this month, ITD Cementation won a Rs 893 crore order for the construction of berth and breakwater for the development of greenfield captive jetties in Odisha.

Acquired by the Adani Group this year, ITD Cementation is an engineering and construction company undertaking heavy civil, infrastructure and EPC business.

It has an established presence and expertise in maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams and irrigation, highways, bridges and flyovers, industrial structures and buildings, water and waste water and foundation and specialist engineering.

ITD Cementation share price advanced over 6% intraday to a life high of Rs 944 apiece. The scrip was trading 4.3% higher by 11:30 a.m. The benchmark NSE Nifty 50 was down 0.3%.

The stock has risen 64% in the last 12 months and 72% on a year-to-date basis. The total traded volume so far in the day stood at 3.7 times its 30-day average. The relative strength index was at 82, indicating the stock is overbought.