ITD Cementation Soars 20% on Adani Group Stake Buy Reports

New Delhi, Sep 20 (PTI) Shares of engineering and construction firm ITD Cementation India Ltd surged 20 per cent to hit the upper circuit limit in intra-day trade on Friday amid reports that the Adani Group is set to acquire the promoter Italian Thai Development's (ITD) 46.64 per cent stake in the company.

The stock soared 19.99 per cent to Rs 565.60 -- its upper circuit limit -- in intra-day on the BSE. It later ended at Rs 561, a jump of 19.02 per cent.

On the NSE, shares of the firm surged 19.99 per cent to hit the highest trading permissible limit for the day at Rs 565.85. Later, it ended at Rs 562.45, up 19.27 per cent.

Earlier in the day, the BSE sought clarification from ITD Cementation India Ltd with reference to news, "ITD Cementation shares gain 11 per cent on Adani Group acquisition news".

Later, in a clarification to the exchange the firm said, "We refer to our earlier communication dated 3rd July, 2024, in which we had mentioned that Italian Thai Development Public Company Limited, the promoter shareholder of ITD Cementation India Limited (ITD), is exploring a potential possible divestment of their investments in the company."

The civil construction firm further in the filing said, in response to your e-mail received on Friday, ITD has informed to us that at this time there is "no conclusion" with regard to the proposed divestment of ITD's investments in the company.