Usually, promoters selling a stake in a company is considered lack of confidence in the business and leads to selling in stock markets. However, investors have disregarded the sale, and continued to buy stock.
The combined entity will have a significant presence in India and projects in 67 countries, with offerings in well diversified areas of power transmission and distribution, buildings and factories, water, railways, oil and gas and heavy civil infrastructure.
"JMC Projects (India) Limited (JMC), a leading civil engineering and EPC company, has secured new orders of Rs 2,277 crore," a company statement said.
Anand Rathi is bullish on JMC Projects has recommended buy rating on the stock with a target price of Rs 148 in its research report dated May 16, 2022.
The said NCDs will be listed on Wholesale Debt Market Segment of BSE Ltd.
In a regulatory filing the company said it has secured water projects in the country worth Rs 1,451 crore.
Net Sales are expected to increase by 20 percent Y-o-Y (up 5.7 percent Q-o-Q) to Rs 1,126.4 crore, according to YES Securities.
The orders include building projects in India of Rs 1,059 crores and water project in Maldives of about Rs 203 crore.
JMC Projects has signed an agreement with Fahi Dhiriulhun Corporation for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives
Anand Rathi is bullish on JMC Projects has recommended buy rating on the stock with a target price of Rs 101 in its research report dated February 16, 2021.