JMC Projects surges 13% on winning project worth Rs 1,000 crore in Maldives




Shares of rallied 13 per cent to Rs 88.80 on the BSE in intra-day trade on Tuesday after the company said it has signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC) for the design, finance and construction of 2,000 social housing units in Hulhumale Island of


FDC is a state-owned company of the Government of the Republic of the (India), a subsidiary of Kalpataru Power Transmission, is one of India’s leading contracting company.



“The total value for this project is estimated to be around $137 million (around Rs 1,000 crore) and is planned to be financed via a loan from multilateral funding agency. The financial closure of the project is expected to conclude soon and construction on the project will commence after the financial closure”, said in an exchange filing. READ HERE


The management said the company’s international business has expanded its presence further with this project in the This will strengthen the international order book and reinforces our thrust to diversify in the international EPC market, it said.


The stock hit a 52-week high in intra-day trade today and has rallied 75 per cent in the past six months. In comparison, the S&P BSE Sensex has risen 33 per cent during the period.


At 09:59 am, JMC Projects was trading 11 per cent higher at Rs 86.85 as against a 0.75 per cent gain in the benchmark index. The trading volumes on the counter nearly doubled with a combined 861,000 equity shares having changing hands on the NSE and BSE so far.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link