Itd Cementation News Today

On the sectoral front, Nifty Realty surged over 2%, and Nifty PSU Bank rose 0.75%. Also, Nifty Auto, Financial, FMCG, Media, Metal and Pharma rose in early trade. In the broader market, Nifty Midcap100 gained 0.66%, while Smallcap100 surged 0.7%.

InCred downgraded SBI Card to reduce from ADD earlier and has also slashed the target price to Rs 600 from Rs 1000 earlier.

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India VIX was down by 3.39% from 11.07 to 10.69 levels on Tuesday. Volatility slightly cooled down but hovered in the previous days range and lacked momentum in the market.

The PE of aerospace and defence player Zen Technologies, which makes military training live-range equipment and anti-drone systems, has fallen from an average of 225 to 76.6. HDFC Securities said that given a large order inflow and revenue visibility for the next few years, some more rerating is possible in the stock.

With order books at probably the highest levels in recent years, market participants are willing to ignore record-high valuations in many of these stocks. L&T remains the top pick of analysts. Others include KNR Infra, NCC, Ashoka Buildcon, KEC International, and Kalpataru.

"Companies like Bhel, which have the spare capacity, which have the technology, which have been more or less pre-qualified for many projects and orders are getting the true benefit of it. So, from a valuation perspective, from near-term prospects and also medium-term prospects, certainly there is a trading opportunity in Bhel and with the kind of momentum that is in the stock, it can easily rally by another 10-15% or so. But I would not like to invest in Bhel in the longer term."

The order is worth approximately $205 million, with ITD Cementations share at 75% excluding taxes and duties.

Its consolidated profit after tax stood at Rs 52.33 crore in Q1 FY24, compared to Rs 30.18 crore in the year-ago quarter.

HDFC Securities is bullish on ITD Cementation has recommended buy rating on the stock with a target price of Rs 170 in its research report dated May 25, 2023.