ITD Cementation Rallies On Rs 2,830 Crore Mumbai Metro Order

Shares of construction firm ITD Cementation rallied as much as 12 per cent to hit fresh 52-high of Rs 160.80 after the company said its joint venture firm with Tata Projects received an order from Mumbai Metro Rail Corporation.

ITD Cementation informed the Bombay Stock Exchange that Continental Engineering Company, a JV between Tata Projects and ITD Cementation, received a letter of acceptance from Mumbai Metro Rail Corporation for design and construction of underground sections. The total value of the contract is worth Rs 2,830 crore.

Mumbai-based ITD Cementation is a diversified construction company operating in the engineering, procurement and construction (EPC) space. The company has been present in the construction space for the last 84 years and operates its business purely as an EPC contractor. It has five verticals namely ports or maritime projects, roads, metro projects, ground engineering and dams and hydro projects.

The company has traditionally bagged large orders from the maritime and metro segment. As per the fractional classification, 25-30 per cent revenues come from maritime business, the metro segment contributes 25 per cent, roads contribute 20 per cent, industrial structure 25 per cent and the rest comes from dams and hydro projects.

As of 10:00 a.m., shares of ITD Cementation traded 6.5 per cent higher at Rs 153.05, outperforming the Nifty which was up 0.1 per cent.

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