ITD Cementation India slumped 9.86% to Rs 517.20 after the company announced a potential divestment by its major shareholder.
Italian Thai Development Public Company is exploring a possible sale of its stake in the company. It holds a 46.64% stake in ITD Cementation (as of March 2024).The process is in its preliminary stages and no final decision has been made.
ITD Cementation India is one of the leading engineering and construction companies undertaking heavy civil, infrastructure and EPC business and operating in India for nine decades.
The firm's consolidated net profit surged 136.9% to Rs 89.51crore on 38.4% jump in net sales to Rs 2,257.72 crore in Q4 FY24 over Q4 FY23.
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