ITD Cementation jumps on big order
This small cap civil engineering company is on a quick gallop today. Hitting a new 52-week high of Rs.627, with volumes jumping up over 4 times, the stock seems to be in big demand with the punters.
This new found love for the stock is a late reaction to the company’s announcement on Friday that too, during market hours that it had won a big Rs.2168 crore order for dredging and reclamation work for Phase 1, container terminal 4 at Jawaharlal Nehru Port, Mumbai. This is a design, build, operate, finance and transfer basis deal, signed on for 30 years. This Phase 1 is expected to commence operations by early 2018.
This company has been working at the JNPT since 1994 and this is the biggest single order win for the company. Including this new order, the total order book of the company stands at Rs.6800 crore.
On the financial front, the company is not doing too well as its consolidated loss for third quarter ended 30th Sept 2014 stood at Rs.22 crore though net sales rose 8% (YoY) at Rs.404 crore. The company is scheduled to declare its annual and Q4 results tomorrow, 24th Feb.