Latest news with #RenewExim
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Business Standard
26-05-2025
- Business
- Business Standard
This smallcap infra stock zooms 50% thus far in May; hits record high
Share price of ITD Cementation India Shares of ITD Cementation India hit a record high of ₹725.90, surging 9.4 per cent on the BSE in Monday's intra-day trade on healthy business outlook. The stock price of this smallcap infrastructure company surpassed its previous high of ₹694.45 touched on October 4, 2024. In the past two weeks, the ITD Cementation India stock has rallied 34 per cent after the company reported strong earnings for the quarter ended March 2025 (Q4FY25). Thus far in the month of May 2025, ITD Cementation's market price has appreciated by 50 per cent. At 02:20 PM, ITC Cementation was trading 9 per cent higher at ₹723.50, as compared to 0.5 per cent rise in the BSE Sensex. A combined 2.05 million equity shares changed hands on the NSE and BSE. ITD Cementation - Q4 results, order wins In the January to March quarter (Q4FY25), ITD Cementation reported a 27 per cent year-on-year (YoY) jump in consolidated profit after tax at ₹114 crore. Earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 11 per cent YoY at ₹268 crore. Total operating income increased 10 per cent YoY at ₹2,480 crore. On May 13, the company announced that it secured a contract worth ~₹593 crore for the construction of various infrastructure works at Jaipur International Airport in Rajasthan. As of March 31, 2025, ITD Cementation's consolidated order book stood at ₹18,300 crore. The company secured orders worth over ₹7,100 crore in FY25. Healthy business outlook The increased thrust from the government towards the infrastructure industry, through a rise in the capital budget allocation, is likely to help with further order inflows for the company. Management is confident about revenue growth, order inflow, and gradual improvement in margins. The company's management in the Q4 & FY25 earnings conference call said the growth path will continue to, at this rate, around 20 per cent to 25 per cent YoY basis because there is a huge opportunity available in front of the company today. It's close to ₹90,000 crore job the company will be able to handle through tenders now. And they are largely for marine and underground metros and the airports and underground railway tunnel, road tunnels, some bridges and some buildings and industrial structures, the management said. For the financial year 2025-26 (FY26), the management expects the top line to grow by 25 per cent and in the same way in the bottom line as well, and gradual improvement in EBITDA margins. Renew Exim, an Adani entity, completes open offer Renew Exim, an Adani entity, successfully completed the open offer as a precursor to the acquisition of ITD Cementation. The open offer witnessed tender of 20.83 per cent ITD Cementation shares for which the company has made the full payment. The remaining formalities are being completed to conclude the acquisition of the stake from existing promoters pursuant to share purchase agreement dated October 25, 2024. With the conclusion of the transactions as above, Renew Exim shall hold 67.46 per cent of ITD Cementation. This acquisition marks a significant milestone as it enhances the overall project execution capabilities of the Adani Group and strategically positions Adani portfolio companies to capitalise on the burgeoning opportunities in the country's booming infrastructure sector, Adani Group said in a press release. About ITD Cementation India ITD Cementation has a diversified portfolio across all verticals with expertise for disciplined project execution. It has established itself as a leading name in the construction of offshore maritime structures, ports, mass rapid transit systems, including elevated corridors and underground metro stations, buildings and tunnels, industrial structures, including airport terminal buildings and technological buildings, hydroelectric power plants with dams, irrigation projects, and micro tunneling works within cities, foundation and specialist engineering with reclamation and ground improvement.
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Business Standard
14-05-2025
- Business
- Business Standard
ITD Cementation surges 14%, nears record high post Q4 results, order wins
Share price of ITD Cementation India: Shares of ITD Cementation India hit an over six-month high of Rs 644.95, as they rallied 14 per cent on the BSE in Wednesday's intra-day trade amid heavy volumes after it reported strong earnings for the quarter ended March 2025 (Q4FY25). The company has announced that it secured a contract worth ~Rs 593 crore for the construction of various infrastructure works at Jaipur International Airport in Rajasthan. At 01:26 PM, ITC Cementation was trading 8 per cent higher at Rs 611.70, as compared to 0.18 per cent gain in the BSE Sensex. The stock hit a record high of Rs 694.45 on October 4, 2024. The average trading volume on the counter jumped nearly 10-fold. As many as 6.1 million equity shares, representing 3.5 per cent of the total equity of the company, have changed hands on the NSE and BSE. Q4 results, order book position In the January to March quarter (Q4FY25), ITD Cementation reported a 27 per cent year-on-year (YoY) jump in consolidated profit after tax at Rs 114 crore. Earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 11 per cent at Rs 268 crore. Total operating income increased 10 per cent YoY at Rs 2,480 crore. As of March 31, 2025, ITD Cementation's consolidated order book stood at Rs 18,300 crore. The company secured orders worth over Rs 7,100 crore in FY25. Renew Exim, an Adani entity, successfully completed the open offer as a precursor to the acquisition of ITD Cementation. The open offer witnessed tender of 20.83 per cent ITD Cementation shares for which the Company has made the full payment. The remaining formalities are being completed to conclude the acquisition of the stake from existing promoters pursuant to share purchase agreement dated October 25, 2024. With the conclusion of the transactions as above, Renew Exim shall hold 67.46 per cent of ITD Cementation. This acquisition marks a significant milestone as it enhances the overall project execution capabilities of the Adani Group and strategically positions Adani portfolio companies to capitalise on the burgeoning opportunities in the country's booming infrastructure sector, Adani Group said in a press release. A group of International investors including BlackRock participated in a new bond issuance to support the acquisition of ITD Cementation by Renew Exim. 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 with an established presence and expertise in Maritime Structures, Mass Rapid Transit Systems, Airports, Hydro-Electric Power, Tunnels, Dams & Irrigation, Highways, Bridges & Flyovers, Industrial Structures and Buildings, Foundation & Specialist Engineering.
Zawya
11-04-2025
- Business
- Zawya
BlackRock invests in Adani Group unit's privately placed bonds: IFR
BlackRock has invested in a US$750m bond issued by an Adani Group unit in a privately placed deal to fund the acquisition of a construction company. BlackRock invested around US$250m in the dollar bonds issued by Adani's Dubai based subsidiary, Renew Exim, at around 400bp over SOFR with a tenor of three to five years, according to sources. The unit sold the bonds to fund the acquisition of an additional 20.83% stake in Indian construction and engineering company ITD Cementation. The transaction, which is part of Adani Group's plan to expand its presence in India's infrastructure sector, will increase ReNew Exim's ownership of the company to 67.46%. "A group of international investors including BlackRock participated in a new bond issuance to support the acquisition of ITD Cementation by Renew Exim," Adani Group said in a release on April 9. The investment is heard to have been seen as an attractive investment opportunity for BlackRock's clients in India's infrastructure sector. The bonds are expected to be part of specific BlackRock funds in which US-domiciled investors have also participated, sources said. Adani Group has been considering a return to the US dollar market via a private placement of Reg D bonds, a format that does not require the securities to be registered with the SEC, since last year. On November 21 Adani Green Energy pulled a US$600m public bond offering following the indictment of senior executives in the US in relation to an alleged scheme to pay bribes to Indian officials for power supply contracts. The group has denied the allegations. On November 13, Adani Group announced on X a potential US$10bn investment in US energy security and infrastructure projects which it said could create around 15,000 US jobs. The fundraising comes after Adani Green Energy refinanced a US$1.06bn loan in March that backed the development of a solar-wind hybrid renewable project, in its first visit to the credit market since the indictment. The loan was refinanced through a fully amortising rupee loan from Power Finance Corp with a door-to-door maturity of 19 years and an all-in cost of 8.9%, IFR reported. BlackRock declined to comment on the deal. Adani Group did not respond to an email seeking confirmation of the details of the deal.
