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

The company 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 Maldives

Shares of JMC Projects 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 Maldives.

FDC is a state-owned company of the Government of the Republic of the Maldives. JMC Projects (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”, JMC Projects 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 Maldives. 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.