ITD Cementation surges 18% amid Adani Group’s promoter’s stake buy buzz
Source: Business Standard
At 10:48 AM, ITD Cementation was trading 17 per cent higher at Rs 550.05 as compared to 1.01 per cent rise in the BSE Sensex. Average trading volumes on the counter jumped seven-fold with a combined 8.55 million equity shares, representing nearly 5 per cent of total equity of the company, changing hands on the NSE and BSE.
Meanwhile the BSE Exchange has sought clarification from ITD Cementation India Ltd on September 20, 2024, with reference to news appearing on news portal Moneycontrol saying “ITD Cementation shares gain 11% on Adani Group acquisition news”. The reply is awaited.
On July 3, 2024, ITD Cementation had informed the exchange that the company has been informed by Italian Thai Development Public Company Limited, the Promoter shareholder of the company, that they are exploring a potential divestment of their investments in the company.
The company has also been informed that the process is currently at a preliminary stage and no definitive decision in this regard has been taken as yet, ITD Cementation had said.
Italian Thai Development Public Company Limited held 46.64 per cent stake in ITD Cementation at the end of June 2024 quarter, the shareholding pattern data shows.
ITD Cementation is one of the leading engineering and construction companies undertaking heavy civil, infrastructure and EPC business and operating in India. The company is expertise in maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams & irrigation, highways, bridges & flyovers, industrial structures and buildings, foundation & specialist engineering. As on June 30, 2024 (Q1FY25), the company’s consolidated order book have Rs 18,536 crore. The company had secured orders worth over Rs 1,053 crore in Q1FY25.
Overall, the infrastructure outlook for India is promising, despite facing headwinds such as regulatory and policy issues, funding and financing, skilled labour shortages, project execution & quality, sustainability and environment etc. This optimism is driven by government initiatives, increased private-sector participation and a focus on sustainable and inclusive growth. Continued momentum in infrastructure development is expected to contribute significantly to India’s economic resilience and competitiveness on the global stage.
There is significant emphasis on improving connectivity through projects like Bharatmala Pariyojana for road development, Sagarmala Programme for port-led development and several government initiatives like National Infrastructure Pipeline, National Monetisation Pipeline etc. This demonstrates the government’s commitment to fostering growth in the construction sector and enhancing the overall quality of urban and rural life in India. All these initiatives are directed to attract investments, improve project execution and create employment opportunities, ITD Cementation said in its FY24 annual report.
First Published: Sep 20 2024 | 11:33 AM IST
