JMC Projects share rises 6% on bagging orders worth Rs 1,342 crore

Shares of engineering firm JMC Projects (India) Ltd rose over 6% to Rs 56.65 apiece, in an otherwise weak market on Thursday after the company said it has secured new orders of Rs 1,342 crore in the domestic and international markets.

JMC Projects share price opened with a gain of 3.48% at Rs 55 and later touched an intraday high of Rs 56.65, rising 6.59% against the previous closing price of Rs 53.15. The stock also hit an intraday low of Rs 54.55 during today's session. It has gained after 2 days of consecutive fall.

JMC Projects stock has risen 7.5% in one week and 6.2% in one month. Market capitalisation of the micro-cap stock stood at Rs 938.59 crore.

The stock trades higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages.

The company said in a regulatory filing it has secured water supply projects in Odisha totalling Rs 471 crore and a building project in north India of Rs 146 crore. The company added it has won Rs 725 crore worth infrastructure project in East Asia.

"In the current year, we have received orders exceeding Rs 5,300 crore against the initial guidance of Rs 5,000 crore, accordingly based on current prospects, we are revising our order inflow target to Rs 7,500 crore for 2020-21. Our strong and diversified order book will help us to deliver on growth and profitability targets going forward," said S K Tripathi, CEO and Deputy Managing Director.

He added that this new order win in east Asia will enable the company to further expand its presence in the international markets.

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