JMC Projects jumps more than 17 per cent on order win in Maldives

JMC Projects (India) Limited 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 total value for this project is estimated to be around USD 137 million (~Rs 1,000 crore) and is planned to be financed via a loan from 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. 

As per the company’s management, its international business has expanded its presence further with this project in the Maldives. This will strengthen its international order book and enable it to diversify in the international EPC market. 

The company’s YTD FY21 order inflows are worth Rs 7,484 crore and its total order book as of December 31, 2020, stands at Rs 14,203 crore. The order mix includes building & factories B&F (private) – 51 per cent, B&F (govt) – 7 per cent, infrastructure - 38 per cent, and industrial – 4 per cent. 

JMC Projects Ltd is a subsidiary of Kalpataru Power Transmission Limited engaged in constructing highways, expressways, bridges, flyovers, townships, high-rise buildings, hospitals, industrial units, power plants among others. 

On Tuesday, the stock of JMC Projects had a gap-up opening by 4.5 per cent and jumped 17.9 per cent to Rs 92.55 from its previous close of Rs 78.45 on BSE.