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.
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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%.
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