Shares of JMC Projects (India) Ltd surged nearly 20 percent intraday on Wednesday after the construction and engineering firm won orders worth Rs 1,059 crore. The stock opened at the day's high of Rs 132.10 per share, jumping nearly 20 percent.
In an exchange filing, JMC Projects said it has won "Residential and Commercial Building Project in South and North India totalling Rs 782 crore" and "Water Supply Project in Jharkhand of Rs 277 crore".
Commenting on securing new orders in the exchange filing, SK Tripathi, chief executive officer and deputy managing director said, "Our efforts on growing our Water business are clearly paying off. Our strong order book and execution capabilities gives us a good visibility on the revenue and profitability front for the coming quarters."
Speaking to CNBC-TV18 Manoj Tulsian, whole-time Director & CFO, JMC Projects (India) Ltd said, "The best part of all these orders is that they are all repeat orders from our existing clients and that speaks volumes of our credibility in terms of our delivery and quality. Other than this, we have also received one order on the infrastructure side which is from water. This is another sector where we have been growing very well and almost 30 percent of my order book is from water."
JMC Projects (India) ltd is a subsidiary of Kalpataru Power Transmission ltd.
At 11.57 am, JMC Projects shares quoted at Rs 113, just 2.54 percent higher. The share touched its 52-week high of Rs 150.00 and the 52-week low of Rs 74.45 on May 27, 2019 and October 29, 2018 respectively.
So far this year, the stock has gained 30 percent, while the smallcap stock has returned over 40 percent in the last one year. The 10-year return on the stock is over 224 percent.
The benchmark 30-share S&P BSE Sensex traded 163 points higher, or 0.42 percent, at 39,127.
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