Mumbai: ITD Cementation India is locked in upper circuit up 5% at Rs 306 on BSE, increasing its month long rally on expectation of the company is the leader to develop the Ganga river-front project.
At 1320 hours, a merged around 15,000 stocks already changed hands and there are awaiting purchase orders for 27,000 stocks on the BSE and NSE.
In past 1 month, stocks of the construction & engineering company more than doubled from Rs 128 on May 13, 2014 on BSE, compared to 6.7% increase in benchmark S&P BSE Sensex.
Though, the company on May 21, 2014 clarified that, no negotiations have taken place for the said project & the company had not given any announcement in this considered.
“As a part of our routine marketing attempts, a copy of Sabarmati Riverfront Project Report and Feasibility Report has been submitted to one of the Government Department with a request to go through the Project Report and whether this can be replicated for Ganga River Project. We moreover expected that we will make technical presentation in this regard, if so needed,” ITD Cementation said in a statement.
For now, expert at Angel Broking recommends ‘buy’ rating on the share with a target price of Rs 346.
We are bullish on the share on account of its strong order book, which stands at Rs 4,100 cr as on March 31, 2014, & enhancing macro scenario, with the new govt having come in, said expert in a customer note.
Moreover, the company is predicted to benefit from the new government’s importance on spurring infrastructure growth and removing regulatory bottlenecks in the infrastructure space, which should help revive several stalled projects, included report.
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