Moneycontrol Bureau
Investors lapped up huge shares of ITD Cementation on Friday after the construction company bagged big order for dredging & reclamation works in Mumbai. The stock surged 18.6 percent intraday to hit a 7-year high of Rs 605.
"ITD Cementation has won an order worth Rs 2,168 crore from Bharat Mumbai Container Terminals Private Limited (BMCT), for dredging & reclamation works on part of the phase-1 development of fourth container terminal at JN Port, Mumbai," said the company in its filing to the exchange.
Phase 1 of BMCT is expected to commence operations in early 2018.
BMCT, a wholly-owned subsidiary of PSA Bharat Investments Pte Ltd (a subsidiary of PSA International), signed the concession with Jawaharlal Nehru Port Trust (JNPT) to develop the JN Port's fourth container terminal on a design, build, operate, finance and transfer basis in Mumbai for a period of 30 years.
ITD Cementation has been associated with JN Port since 1994. Currently, the company is working with DP World for the development of Nhava Sheva (India) Gateway Terminal under JNPT.
"In recent quarters, we have seen a significant buildup in the order backlog position and this recent order win takes us to an order backlog of over Rs 6,800 crore as of February 18, 2015," said Adun Saraban, Managing Director, ITD.
At 11:28 hours IST, the scrip of ITD Cementation India was quoting at Rs 588, up Rs 77.75, or 15.24 percent on the BSE.
Posted by Sunil Shankar Matkar
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