JMC Projects bags orders worth Rs 1,457 crore, surges 10 per cent

JMC Projects has informed the exchanges that the company has bagged orders worth over Rs 1,457 crore which are ~24 per cent of its current order book of ~Rs 6,100 crore (for FY16). As a result, the stock price of the company surged by 10 per cent. The stock opened at Rs 235.2 as against its previous close of Rs 208.05 and touched a high of Rs 240 so far.

JMC Projects (India) Ltd is a part of the Kalpataru group, which operates in engineering procurement and construction (EPC) services.

The orders secured by the company are:

  • Shipyard modernisation project in Goa worth ~Rs 454 crore
  • Flyover project in Maharashtra worth ~Rs 446 crore
  • Commercial project in Hyderabad worth ~Rs 282 crore
  • Residential project in Bangalore worth ~Rs 224 crore
  • Educational building project in Amravati (Andhra Pradesh) worth ~Rs 51 crore.

As for the financial performance of the company in Q2FY17, the company registered ~10 per cent decline in its revenue and ~9.5 per cent decrease in net profit.
Over a period of last one month, the company has given a return of almost 12 per cent as compared to the negative return of 0.6 per cent of the BSE Sensex.
On 22 July, 2016 the stock touched its 52-week high of Rs 288, giving a reversal from a 52-week low of Rs 175 reached on Feb 29, 2016.