ITD Cementation gains after consortium bags Mumbai underground rail project

ITD Cementation India rose 3.97% to Rs 149.35 at 15:17 IST on BSE after the company announced that its joint venture has secured orders worth of Rs 2830 crore to build parts of Mumbai underground rail project.

The announcement was made after market hours on Friday, 5 July 2016.

Meanwhile, the BSE Sensex was up 13.90 points, or 0.06%, to 27,184.15.

On BSE, so far 2.92 lakh shares were traded in the counter, compared with average daily volume of 49,373 shares in the past one quarter. The stock hit a high of Rs 160.45 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 147.10 so far during the day. The stock hit a 52-week low of Rs 61 on 25 August 2015. The stock had outperformed the market over the past 30 days till 5 July 2016, rising 13.02% compared with 1.45% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.35% as against Sensex's 9.10% rise.

The small-cap company has an equity capital of Rs 15.52 crore. Face value per share is Re 1.

ITD Cementation India announced that its joint venture (JV) with Continental Engineering Co. and Tata Projects has received Letter Of Acceptance (LoA) from Mumbai Metro Rail Corporation for designing and constructing underground sections, including 3 underground stations, at Siddhivinayak, Dadar and Shitaladevi Temple and Associated Bored Tunnels. The total value of the contract is around Rs.2830 crore.

On a consolidated basis, ITD Cementation India reported net profit of Rs 23.02 crore in Q1 March 2016, as compared with net loss of Rs 96.67 crore in Q1 March 2015. Consolidated net sales rose 73% to Rs 1015.34 crore in Q1 March 2016 over Q1 March 2015.

ITD Cementation India is a civil engineering, contracting and construction organization providing integrated design, engineering, procurement and construction services for infrastructure development projects in India.

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