JMC records fresh 52-week high on winning ₹1,000-crore project in Maldives

The shares of JMC Projects (India) Ltd, a civil engineering and EPC company, recorded a fresh, year-high during the morning trade on Tuesday after it bagged an order worth ₹1,000 crore in Maldives.

At 11:16 am, JMC was trading at ₹91.75 on BSE, up 13.30, or 16.95 per cent. It recorded a fresh 52-week high of ₹93.10. It opened at ₹82.05 as against the previous close of ₹78.45.

On NSE, it was trading at ₹92, up ₹13.15, or 16.68 per cent. It recorded a 52-week high of ₹93.20.

JMC on Tuesday announced that it has signed an agreement with 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 the Hulhumale island of the Maldives.

The total value for the project is estimated to be around $137 million (around ₹1,000 crore) and is planned to be financed via a loan from a multilateral funding agency, the company said in a regulatory filing. The financial closure of the project is expected to conclude soon, and construction on the project will commence after the financial closure.

SK Tripathi, CEO and Deputy Managing Director of JMC, said: “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 (engineering, procurement and construction) market.”