The shares of JMC Projects (India) Ltd, a listed subsidiary of power sector EPC player Kalpataru Power Transmission Ltd, rose 3.2 per cent on Tuesday as the company announced winning major orders in the irrigation and building construction space.
JMC-led consortium has secured two turnkey projects under the Micro Lift Irrigation Scheme worth ₹2,650 crore from Narmada Valley Development Authority (NVDA) in Madhya Pradesh (with JMC’s share being at around ₹1,600 crore), the company said. Another contract bagged by JMC is for construction of a township in Chhattisgarh for the National Mineral Development Corporation (NMDC) for about ₹366 crore.
The irrigation orders will help the company improve its capabilities and further strengthen presence in the water segment, SK Tripathi, CEO & Deputy Managing Director, JMC, said commenting on the development. “The water projects being low capex oriented will help us further augment our return ratios,” he added. Tripathi noted the company’s order book should provide the visibility for achieving the growth targets of 15-20 per cent for the current financial year.