ITD Cementation stock jumped after a news report that Adani Group is the frontrunner for buying out the promoters' stake in the firm, including a fully subscribed open offer post acquisition.

ITD Cementation India's shares surged over 15% amid reports that the Adani Group is poised to acquire a 46.64% stake, potentially valued at ₹5,888.57 crore. The stock has increased by 189% from its 52-week low,

CNBC-TV18 had reported on August 1 that KEC International had emerged as the front-runner to acquire this promoter stake in ITD Cementation.

Italian Thai Development Public Company, the Promoter shareholder of the company, informed that they are exploring a potential possible divestment of their investments in ITD Cementation

Shares of ITD Cementation India Ltd surged 20% after reports suggested Adani Group's potential acquisition of a promoter stake. The company later clarified that there is no conclusion on the proposed divestment.

The stock was last seen trading 18.29 per cent higher at Rs 557.55. At this price, it has gained 92.03 per cent on a year-to-date (YTD) basis.

Following the news, which is not confirmed by both parties in discussion, shares of ITD Cementation snapped a three-day losing streak.