ITD Cementation shares jumped to a fresh year's high on bagging a mega project in Odisha. Earlier, the company announced a Rs 593 crore deal for infrastructure work at Jaipur International Airport.
Adani Group has finally formally emerged as the successful buyer of the promoters' stake in ITD Cementation India Ltd. Along with the open offer, the acquisition could be worth well above Rs 5,750 crore.
Shares of ITD Cementation surged 20 percent to hit the upper circuit after securing a Rs 1,937 crore contract to build a commercial building in Uttar Pradesh.
ITD Cementation stock jumped after a news report that Adani Group is the frontrunner for buying out the promoters' stake in the firm, including a fully subscribed open offer post acquisition.
ITD Cementation India is an engineering and construction company with expertise in heavy civil and EPC projects.
In a regulatory filing, the construction company noted that as disclosed on July 3, due diligence process is underway and at a preliminary stage.
Promoter Italian-Thai Development Company's stake in ITD Cementation could be valued at Rs 4,000-4,500 crore
ITD Cementation Share Price | The share price surged 195 percent in the last one-year.
The Company said that the process is at a preliminary stage and no definitive decision has been taken as yet.
ITD Cementation has broken out to a new high