JMC Projects has signed an agreement with Fahi Dhiriulhun Corporation for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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JMC Projects (India) share price jumped over 11 percent in the morning session on March 9 after the company signed an agreement with Maldives’ FDC for a project worth nearly Rs 1,000 crore.
JMC Projects (India) Limited (JMC) has signed an agreement with Fahi Dhiriulhun Corporation Limited (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 company said in an exchange filing.
“The total value for this project is estimated to be around Rs 1,000 crore and is planned to be financed via a loan from the 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,” it added.
The stock was trading at Rs 87.15, up Rs 8.70, or 11.09 percent at 09:21 hours. It has touched a 52-week high of Rs 87.15. It has touched an intraday high of Rs 87.15 and an intraday low of Rs 82.05.
“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 S. K. Tripathi, CEO & Dy. Managing Director of the company.
Brokerage firm Anand Rathi has recommended a buy on the stock with a target of Rs 101 per share. “With execution efficiency returned, JMC’s revenues scaled a new quarterly high in Q3. Covid costs continue to weigh on margins, but management is confident of returning to its secular range sooner than later,” it said.
“The balance sheet is in shape, and the OB construct, too, is comforting (with the gradually rising exposure to infrastructure orders, especially water). In BOT-toll, restructuring efforts are nearing closure,” it added.
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