 "ITD Cementation down 9%; Promoter Italian Thai Development mulls stake sale")
ITD Cementation promoter stake sale: Shares of ITD Cementation India slumped 9 per cent to Rs 521.6 per share on the BSE on Thursday. By comparison, the benchmark BSE Sensex was trading 0.36 per cent higher at 80,272 level.
The slide came after the company, in an exchange filing, said Promoter shareholder Italian Thai Development Public Company is exploring a potential divestment of their investments in the company.
“The company has also been informed that the process is currently at a preliminary stage and no definitive decision in this regard has been taken as yet. The company has no additional information to provide at this stage,” it said in its exchange filing.
ITD Cementation, as a branch of The Cementation Company Ltd,UK, a member of Trafalgar House Group of London, carries out grouting and drilling works to the hydraulic structures.
It is one of the largest civil engineering contractors in South East Asia, The strong parentage has furthered the company’s momentum in acquiring large infrastructure construction projects across India.
At the end of the March quarter, Italian-Thai Development Public Company held a 46.64 per cent stake in ITD Cementation.
Italian Thai Development entered into a Share Purchase and replica watches Sale Agreement with The Cementation Company Limited and Skanska AB in 2004 to incorporate the India unit. Thereupon, the company changed its name to ITD Cementation India Limited and obtained a fresh certificate of incorporation on May 26, 2005.
The stock of ITD Cementation has doubled investors’ wealth thus far this calendar year, having risen 101 per cent year-to-date. By comparison, the benchmarks are up around 11 per cent.
The market capitalisation of ITD Cementation stands at Rs 9,070.4 crore. ITD Cementation share price hit a record high of Rs 589.65 on July 2, 2024. The shares, meanwhile, hit a 52-week low of Rs 161 per share on July 6, 2023.
In the March quarter of FY24, ITD Cementation India posted total revenue of Rs 2,257.7 crore, up 38 per cent year-on-year (Y-o-Y) and 12 per cent Q-o-Q. The net profit, meanwhile, was Rs 89.5 crore, up 137 crore on year and 14 per cent sequentially.