ITD Cementation Share Price Swings After Securing Orders Worth Rs 960 Crore
ITD Cementation has been awarded a project at Thiruvananthapuram International Airport in Kerala and a multi-storeyed commercial building development in Kolkata, West Bengal.
ITD Cementation India Ltd. stock swung on Friday, with its share price initially rising by 3.67% at market open before declining by 1.24% later in the day.
The fluctuations followed the company's announcement that it had secured two significant construction contracts worth Rs 960 crore.
According to an exchange filing on Thursday, ITD Cementation has been awarded a project at Thiruvananthapuram International Airport in Kerala and a multi-storeyed commercial building development in Kolkata, West Bengal.
This news comes shortly after the company received another order on June 9, valued at Rs 893 crore, for a construction project in Odisha. This project involves the construction of a berth and breakwater for the development of greenfield captive jetties.
ITD Cementation Share Price Today
The scrip rose as much as 3.67% to Rs 838.50 apiece, but it later gave up all gains to decline 0.88% to trade at Rs 801.70 as of 10:34 a.m. This compares to a 0.91% decline in the NSE Nifty 50.
It has risen 67.85% in the last 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 67.
Out of three analysts tracking the company, two maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an downside of 10.9%.
