ITD Cementation hits record high on bagging Rs 1,082-cr marine contract in Gujarat

ITD Cementation India rallied 5.08% to Rs 521.90 after the company has secured a marine contract in Dahej LNG Terminal in Gujarat worth approximately Rs 1,082 crore.

The contract includes constructing Third Berth (Jetty) and specified additional works at Dahej LNG terminal in Gujarat.

On the NSE, the counter jumped 9.88% in three trading sessions from its recent closing low of Rs 474.95 on 21 June 2024.

The stock hit 52-week high of Rs 530 today. The counter has soared 230.11% from its 52-week low of Rs 160.55 hit on 03 July 2023.

The scrip outperformed the market in past one quarter, jumping 39.96% as against Niftys 6.37% rise.

The counter had outperformed the market in past one year, rising 219.20% as against Niftys 27.59% surge.

On the technical front, the stock's daily RSI (relative strength index) stood at 70.24. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 488.46, 470.17 and 435.67, respectively. These levels will act as crucial support zones in near term.

ITD Cementation India is one of the leading engineering and construction companies undertaking heavy civil, infrastructure and EPC business and operating in India for nine decades.

The civil construction firms consolidated net profit surged 136.9% to Rs 89.51crore on 38.4% jump in net sales to Rs 2,257.72 crore in Q4 FY24 over Q4 FY23.

The script hit all time high at Rs 530 in todays intraday session.

Powered by Capital Market - Live News