Shares of ITD Cementation India Ltd skyrocketed 9% on 10 June after the company announced obtaining a new order worth about Rs 893 crore, inclusive of GST, for the building of berths and breakwater structures related to greenfield captive jetty development in Odisha.
The company revealed the order in a stock exchange filing on 9 June, describing the order as part of its normal course of business.
Recently, ITD Cementation awarded a contract of Rs 593 crore for infrastructure works at Jaipur International Airport, adding to the company’s burgeoning order book. The shares surged 12% after the announcement on 14 May.
The infrastructure player, which has been working in India for over nine decades, announced a strong March quarter.
Year on year, net profit increased by 27% to Rs 113.6 crore, while revenue increased by roughly 10% to Rs 2,478.7 crore. Operating profit increased by 19% to Rs 259.6 crore, while EBITDA margins improved to 10.5% from 9.8% in the previous year.
In January 2025, the Competition Commission of India (CCI) approved Adani Group’s subsidiary, Renew Exim DMCC, to acquire a majority stake in ITD Cementation India for approximately Rs 5,757 crore.
“The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of approximately 46.64%, equivalent to 8,01,13,180 shares, of the total issued and voting equity share capital of ITD Cementation India Ltd (target),” the Competition Commission of India (CCI) said in a release.
Renew Exim DMCC, a Dubai-based holding company owned by the Adani Group, focuses on investments and management of commercial enterprises and has no business operations in India.
ITD Cementation India Ltd is an engineering and construction firm engaged in heavy civil infrastructure and EPC (engineering, procurement, and construction) projects, with operations in India and abroad.
At 11:39 am, the shares of ITD Cementation were trading 7.22% higher at Rs 814 on NSE.
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