JMC Projects surges 10% on orders win worth Rs 19.66 billion

The stock moved higher by 10% to Rs 579 on the BSE in intra-day trade after the company said it has secured new orders of Rs 19.66 billion.

Shares of JMC Projects (India) have moved higher by 10% to Rs 579 per share on the BSE in intra-day trade after the company said it has secured new orders worth Rs 19.66 billion.

“JMC led consortium has secured two turnkey projects under Micro Lift Irrigation Scheme worth Rs 26.50 million from Narmada Valley Development Authority (NVDA) in Madhya Pradesh. The share of JMC in these projects is around Rs 16 billion,” the company said in a press release.

The company secured second order worth of Rs 3.66 billion for the construction of township for National Mineral Development Corporation (NMDC) in Chhattisgarh, it added.

Commenting on securing new orders, S. K. Tripathi (CEO & Dy. Managing Director) said, “the water projects being low capex oriented will help us further augment our return ratios. Overall, our robust and well diversified order book gives us confidence to deliver on our growth targets of 15-20% for financial year 2018-19.”

The stock had underperformed the market by 23% from its recent high of Rs 681 on May 28, against 1% rise in the S&P BSE Sensex till Monday.

At 12:56 pm; JMC Projects (India) was trading 6% higher at Rs 555 on the BSE as compared to 0.25% rise in the benchmark index. A combined 58,365 equity shares changed hands on the counter on the BSE and NSE so far.