Let $C_{d,k}$ be the largest number of vertices in a Cayley digraph of degree $d$ and diameter $k$, and let $BC_{d,k}$ be the largest order of a bipartite Cayley digraph for given $d$ and $k$. For every degree $d\geq2$ and for every odd $k$ we construct Cayley digraphs of order $2k\left(\lfloor\frac{d}{2}\rfloor\right)^k$ and diameter at most $k$, where $k\ge 3$, and bipartite Cayley digraphs of order $2(k-1)\left(\lfloor\frac{d}{2}\rfloor\right)^{k-1}$ and diameter at most $k$, where $k\ge 5$. These constructions yield the bounds $C_{d,k} \ge 2k\left(\lfloor\frac{d}{2}\rfloor\right)^k$ for odd $k\ge 3$ and $d\ge \frac{3^{k}}{2k}+1$, and $BC_{d,k} \ge 2(k-1)\left(\lfloor\frac{d}{2}\rfloor\right)^{k-1}$ for odd $k\ge 5$ and $d\ge \frac{3^{k-1}}{k-1}+1$. Our constructions give the best currently known bounds on the orders of large Cayley digraphs and bipartite Cayley digraphs of given degree and odd diameter $k\ge 5$. In our proofs we use new techniques based on properties of group automorphisms of direct products of abelian groups.