JMC Projects gains 6 per cent on winning new orders worth Rs 1,342 crore
One of the leading contracting companies, JMC Projects (India) Limited announced early morning on Thursday that it has bagged new orders amounting to Rs 1,342 crore. Reacting to the news, the stock rallied more than 6 per cent on BSE.
Of the total, the company received an international order in East Asia worth Rs 725 crore for an infrastructure project while the remaining comprised domestic orders of water supply projects in Odisha, totalling Rs 471 crore as well as for building a project in North India worth Rs 146 crore.
With the new order in East Asia, the company is set to expand further in the international market.
For the current year, the company has received orders more than Rs 5,300 crore, which further strengthens the order book. JMC is revising the order inflow target upwards to Rs 7,500 crore for 2020-21 after winning orders midst of the challenging market conditions.
JMC Projects (India) Limited, a subsidiary of Kalpataru Power Transmission Limited is engaged in constructing highways, expressways, bridges, flyovers, townships, high-rise buildings, hospitals, industrial units, power plants among others.
At 10.18 am on Thursday, the share is trading at Rs 55.05, up by 3.57 per cent from its previous close of Rs 53.15 on BSE.