The share price of JMC Projects (India) rallied over 13 percent to hit a 52-week high of Rs 88.80 apiece on the BSE after the company signed an agreement with Fahi Dhiriulhun Corporation of Maldives for a project worth Rs 1,000 crore.
In an exchange filing, JMC Projects said that it had signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC), a state-owned company of the Government of the Republic of 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 (around Rs 1,000 crore) and is planned to be financed via a loan from multilateral funding agency,” the company said.
The financial closure of the project is expected to conclude soon and construction on the project will commence after the financial closure, it added.
“Our international business has expanded its presence further with this project in Maldives. This will strengthen our international order book and reinforces our thrust to diversify in the international EPC rnarket,” said SK Tripathi, CEO & Dy Managing Director, JMC Projects (India).
At 9:45 am, the shares of JMC Projects (India) were trading 11.22 percent higher at Rs 87.25 apiece on the BSE as compared to a 0.81 percent gain on the benchmark Sensex.
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