JMC Projects surge 14 per cent on securing new orders

The shares of JMC Projects India rallied by up to 14 per cent on Wednesday after the civil engineering and engineering, procurement and construction (EPC) company announced that it had secured new orders amounting to Rs 938 crore.

The orders included a water supply project in Uttar Pradesh totalling up to Rs 841 crore and another building project in South India totalling up to Rs 97 crore, the company said in a filing to BSE.

As of March 2020, on a standalone basis, the order book of the company stood at Rs 9,546 crore, with the order inflow in FY20 totalling up to Rs 3,364 crore. The company has further bagged orders worth Rs 1,131 crore in FY21. The latest order win will further add to the top-line of the company in the quarters ahead.

Commenting on securing new orders, S K Tripathi (CEO and Deputy Managing Director) said that the company was pleased with the new order win in the face of challenging market conditions and will continue to scale-up water business by expanding its presence in Uttar Pradesh with the new order win. He further stated that the company remains confident of significant growth opportunities in the water business going forward.

JMC Projects (India) Limited is an engineering and construction services company engaged in the construction of buildings and others. It executes various types of projects involving construction services that include design, procurement, supply, installation, testing and commissioning.

At 11.50 am on Wednesday, the stock of the company was trading at Rs 57.50, up by 14.20 per cent or Rs 7.15 per share. The 52-week high is recorded at Rs 147 and the 52-week low is Rs 29.50 on BSE.