Shares of ITD Cementation are trading at a record high on Friday after surging as much as 14 percent in trade. This is the biggest single-day jump that the stock has seen in three years.

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The company informed the exchanges on Thursday that it won a marine contract worth Rs 3,290 crore (excluding GST). Further details were not disclosed by the company.

Last month, ITD Cementation’s joint venture secured a $205 million contract in Bangladesh.

ITD Cementation, in a joint venture with Transrail Lighting Ltd, had won a contract from Power Grid Company of Bangladesh Ltd (PGCB) to provide turnkey services for a 400 kV double circuit transmission line.

For the June quarter, ITD Cementation's consolidated net profit rose to Rs 52.33 crore from Rs 30.18 crore in the same period last year. It also reported its highest ever quarterly revenue of Rs 1,833 crore, a growth of 67 percent from last year.

Shares of ITD Cementation are currently trading 14 percent higher at Rs 247.30. The stock has nearly doubled in 2023 so far, rising 95 percent. Today's gains are on the back of volumes that are 12 times higher than their 20-day average at this point of the day.

First Published:Sept 1, 2023 10:32 AM IST