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ITD Cementation surges 18% on Adani play; has zoomed 122% so far in 2024
Source: Business Standard
The stock of the civil construction company has surpassed its previous high of Rs 614.30 that it touched on September 23, 2024. In comparison, the BSE Sensex was down 0.90 per cent at 83,512 at 10:00 AM.
The counter saw significant activity on Thursday, with average trading volumes nearly doubling in early trade. A combined 4.97 million equity shares, representing 2.9 per cent of total equity of ITD Cementation, had changed hands on the NSE and BSE together.
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In the past two weeks, the stock has rallied 35 per cent, on reports that Adani Group is eyeing to acquire a promoter stake in the company.
The company was also informed that the process is at a preliminary stage and no definitive decision in this regard has been taken as yet, ITD Cementation had said in its exchange filing.
On September 20, ITD Cementation further informed that there was no conclusion to the proposed divestment of ITD’s investments in the company.
Meanwhile, thus far in the calendar year 2024, the stock price of ITD Cementation has more than doubled, or zoomed 122 per cent. In comparison, the BSE Sensex has gained 15.4 per cent during this period.
Italian Thai Development Public Company Limited held a 46.64 per cent stake in ITD Cementation at the end of June 2024 quarter, shareholding data on the exchange showed.
ITD Cementation is one of the leading engineering and construction companies undertaking heavy civil, infrastructure and EPC projects in India. The company has expertise in projects such as maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams and irrigation projects, highways, bridges and flyovers, industrial structures and buildings, foundation and specialist engineering, among others.
For the April to June quarter (Q1FY25), the company had posted robust operational performance with the highest ever quarterly revenue of Rs 2,381 crore (up 30 per cent YoY) and profit after tax at Rs 100 crore (up 91 per cent YoY). Earnings before interest, tax, depreciation and amortisation (Ebitda) grew 36 per cent YoY to Rs 237 crore. In the June 2024 quarter, the company’s consolidated order book stood at Rs 18,536 crore.
Members of the management said that they are confident about the company’s ability to achieve orders worth another Rs 6,000-Rs 7,000 crore.
They added that continued momentum in infrastructure development was expected to contribute significantly to India’s economic resilience and competitiveness on the global stage.
This, they said, demonstrated 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 at attracting investments, improving project execution and creating employment opportunities, ITD Cementation said in its FY24 annual report.
First Published: Oct 03 2024 | 11:14 AM IST
