JMC Projects jumps 19 percent on winning project worth Rs 1,000 crore in Maldives
Published On: Tuesday, March 9, 2021 | By: Team KnowMyStock
Shares of JMC Projects rallied 19 per cent to Rs 93.90 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 for a project worth Rs 1,000 crore.JMC Projects share rose to a 52-week high of Rs 93.85, rising 19.63% against the previous close of Rs 78.45 on BSE. The financial closure of the project is expected to conclude soon and construction on the project will commence after the financial closure, it added. "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 the Maldives.
This will strengthen our international order book and reinforces our thrust to diversify in the international EPC market," said SK Tripathi, CEO & Dy. Managing Director of the company.
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