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JMC Projects share rises over 19% on Rs 1,000-crore deal with Maldives' FDC

JMC Projects share rose to a 52-week high of Rs 93.85, rising 19.63% against previous close of Rs 78.45 on BSE

twitter-logoBusinessToday.In | March 9, 2021 | Updated 13:52 IST
JMC Projects share rises over 19% on Rs 1,000-crore deal with Maldives' FDC
JMC Projects stock has gained after 2 days of consecutive fall. The small cap stock opened with a gain of 4.59% at Rs 82.05 today.

JMC Projects share rose over 19% today after the firm inked an agreement with Fahi Dhiriulhun Corporation (FDC), a state-owned company of Govt of Maldives, for the design, finance & construction of 2,000 social housing units in Hulhumale Island of Maldives. JMC Projects share rose to a 52-week high of Rs 93.85, rising 19.63% against previous close of Rs 78.45 on BSE.

JMC Projects stock has gained after 2 days of consecutive fall. The small cap stock opened with a gain of 4.59% at Rs 82.05 today.

The share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In a year, the stock has gained 52.31% and risen 33.31% since the beginning of this year.

At 1:25 pm, the stock was trading 14% higher at Rs 89.50 on BSE. Market cap of the firm rose to Rs 1,544 crore.

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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 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 SK Tripathi, CEO & Dy. Managing Director of the company.

Meanwhile, paring most of early gains, benchmark indices Sensex and Nifty continued to trade in positive terrain on Tuesday, weighed down by losses in oil & gas and PSU space.

At 1:00 PM, Sensex was trading 198.63 points or by 0.39 per cent higher at 50,639.7, and Nifty stood at 15,032.8, up by 76.6 points or by 0.5 per cent.

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