JMC Projects spurts on securing housing project worth $137 mln in Maldives

JMC Projects (India) soared 13.07% to Rs 88.70 after the company received a contract for constructing 2,000 social housing units in Hulhumale Island of Maldives.

JMC Projects (India) (JMC) has signed an agreement with Fahi Dhiriulhun Corporation (FDC), a state-owned company of the Government of the Republic of the Maldives, for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives.

The total value for this project is estimated to be around $137 million (about 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.

Commenting on the development, S. K. Tripathi (CEO & dy. managing director) said, "The signing of the agreement with FDC is a landmark event in JMC's growth journey. The project is a milestone and testament to our ability to deliver major projects to the highest quality and within tight time frames. Our international business has expanded its presence further with this project in Maldives. This will strengthen our international order book and reinforces our thrust to diversify in the international EPC rnarket."

On the technical front, the stock's RSI (relative strength index) stood at 59.245. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 72.28 and its 200-day moving average (DMA) placed at 57.05.

JMC Projects (India) is primarily engaged in the business of engineering, procurement and construction (EPC) relating to infrastructure sector comprising of buildings and factories, roads and bridges, water pipe lines, metro, power, railways etc.

Powered by Capital Market - Live News