ITD Cementation spurts over 31% in seven sessions

ITD Cementation India advanced 3.94% to Rs 68.65, extending recent steep gains on strong buying support.

Shares of ITD Cementation India soared 31.26% in seven trading sessions to its current market price of Rs 68.65 from its recent closing low of Rs 52.30 on Friday, 15 November 2019.

During market hours yesterday, 25 November 2019, ITD Cementation India (ITDC) said it has won orders valued over Rs 3400 crore. The company has received letters of acceptance (LoA) for three separate projects. The company received LoA from Bangalore Metro Rail Corporation for design & construction of underground structures (tunnels & 4 stations), including allied works in Reach-6 Line of Bangalore Metro Rail Project, Phase-2.

Further, the company received 3 LoAs from IRCON International for tunnelling works on Sivok (West Bengal) to Rangpo (Sikkim) new single broad gauge railway line project comprising of construction of 6 tunnels. The company also received LOA from Municipal Corporation of Greater Mumbai for construction of sewer tunnel and allied works along S.V. Road by segmental tunnelling method.

Meanwhile, the S&P BSE Sensex was up 60 points or 0.15% to 40,949.02.

The stock was trading in the range of Rs 66.20 to Rs 69.35 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 69.89. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 53.34, but it was below its 200 DMA placed at Rs 92.17.

ITD Cementation India's consolidated net profit fell 20.5% to Rs 21.68 crore on 14.3% rise in net sales to Rs 709.12 crore in Q2 September 2019 over Q2 September 2018.

ITD Cementation India is a construction company operating in India with an established presence in marine structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams & irrigation, highways, bridges & flyovers, industrial buildings and structures, foundation & specialist engineering.

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