JMC Projects jumps 13% on winning project worth Rs 1,000 crore in Maldives
Shares of JMC Projects rose 13% to Rs 88.80 on BSE in intraday trading on Tuesday after the company announced it had signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC) for the design, financing and the construction of 2,000 social housing units on the island of Hulhumale in the Maldives.
FDC is a public enterprise of the government of the Republic of Maldives. JMC Projects (India), a subsidiary of Kalpataru Power Transmission, is one of the leading subcontracting companies in India.
“The total value of this project is estimated to be around $ 137 million (roughly Rs 1,000 crore) and is expected to be funded by a loan from a multilateral funding agency. The financial close of the project is expected to end soon and construction of the project will start after the financial close, ”said JMC Projects in an exchange brief. READ HERE
Management said the company’s international activities further expanded its presence with this project in the Maldives. This will strengthen the international order book and strengthen our willingness to diversify into the international EPC market, he said.
The action hit a 52-week high in intraday trading today and has risen 75 percent in the past six months. In comparison, the S&P BSE Sensex rose 33% during the period.
At 9:59 am, JMC Projects was trading 11% more at Rs 86.85 against a 0.75% gain in the benchmark. Over-the-counter trading volumes have nearly doubled with a total of 861,000 shares having changed hands on the NSE and BSE so far.