JMC Projects builds up

JMC Projects is the top gainer on the BSE, opening over 4.5% higher at Rs.82.05 and going on to hit a new high at Rs.92.55, a rise of 18%. Its 20% UC of the day stands at Rs.94.10.

The company announced today morning that it has signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC), a state-owned company of the Government of the Republic of the Maldives. This is 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 Rs.1000 crore and is planned to be financed via a loan from multilateral funding agency.

The financial closure of the project is expected to conclude soon and construction on the project will commence after the financial closure.