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J. Kumar Infra jumps after CIDCO order

Capital Market 

J. Kumar Infraprojects rose 4.08% to Rs 121.10 after the company said it received letter of acceptance for Rs 408.98 crore construction order from CIDCO.

J. Kumar Infraprojects said it received Letter of Acceptance (LoA) from City and Industrial Development Corporation (CIDCO) of Maharashtra for design & construction of coastal road from Amra Marg to MTHL junction including Airport Link at Navi Mumbai for Rs 681.63 crore in the name of J. Kumar-J.M. Mhatre (JV). The company's share in the joint venture is 60%, hence Rs 408.98 crore. The announcement was made during trading hours today, 6 September 2019.

Shares of J.Kumar Infraprojects rose 5.76% in two trading sessions to its current market price of Rs 121.10, from a recent closing low of Rs 114.50 on 4 September 2019.

On BSE, 9,258 shares were traded in J.Kumar Infraprojects counter, compared to a 2-week average of 11,000 shares. The stock hit an intraday high of Rs 122 and an intraday low of Rs 117.

It hit a 52-week high of Rs 268.40 on 17 September 2018 and a 52-week low of Rs 104 on 1 February 2019.

J. Kumar Infraprojects is engaged in construction activities. The firm designs and constructs roads, bridges, flyovers, subways, over bridges, skywalks and railway terminus/stations, among others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 06 2019. 14:25 IST