ITD Cementation stocks soar after receiving Rs 950 cr order

ITD Cementation stocks soar after receiving Rs 950 cr order

Stock price of construction engineering company ITD Cementation India increased by 3.02% to Rs 81.90 after the company received orders worth Rs 950 crore.

The company has received a Letter of Authorisation (LoA) from the Government of India for the provision of infrastructure works such as roads and bridges, drains, water supply, sewerage, slope protection, waste management, power system including water and sewage treatment plants, and operation and maintenance of selected facilities during operation and maintenance (O&M) period. The order is worth Rs 898 crore.

Technip also granted it a letter of authorisation for piling and ground improvement work in Paradip. The order is valued at Rs 52 crore.

ITD Cementation India is a construction company that has a strong presence in marine structures, mass rapid transit systems, airports, hydroelectric power, tunnels, dams, and irrigation, highways, bridges, and flyovers, industrial buildings and structures, foundations, and specialist engineering.

In Q3 FY21, the company reported a 191.92 % increase in consolidated net profit to Rs 29.98 crore on an 11.92 % increase in net sales to Rs 791.69 crore over Q3 FY20.

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Also read: Mining and construction equipment industry to grow by 15-20%: ICRA

Also read: Covid-19 second wave may not impact overall construction activities: ICRA

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