ITD Cementation India Limited updates on arbitration against Reliance Infrastructure Ltd

ITD Cementation India Limited has initiated arbitration proceedings against Reliance Infrastructure Limited ("Reliance Infra"), for non-payment of dues with respect to a contract for road construction executed by the Company for Reliance Infra. The Company has therefore submitted a statement of claims totalling to approximately Rs.2,85,40,417/- with interest thereon.

Subsequently, the Company has received intimation on 3rd June, 2024, that Reliance Infra has filed counter claims for an amount of Rs 59,82,71,218/- with interest thereon.

The financial implications on the Company in respect of the above counter claim cannot be ascertained at this moment and is dependent upon the final outcome of the proceedings.

Shares of ITD Cementation India Limited was last trading in BSE at Rs. 403.80 as compared to the previous close of Rs. 382.85. The total number of shares traded during the day was 126101 in over 3923 trades.

The stock hit an intraday high of Rs. 407.40 and intraday low of 363.00. The net turnover during the day was Rs. 48740744.00.

Source : Equity Bulls

Keywords

ITDCementationIndia INE686A01026 Arbitration Update RelianceInfrastructure