Shares of J Kumar Infraprojects jumped back in the green on Monday morning after the company announced bagging the massive contract.
What Happened: On Monday, J Kumar Infraprojects said that it secured a construction order valued at Rs 378.7 crore. The project involves the design and construction of a flyover, specifically addressing the “Missing Links” from Link Road, Andheri (West) to Poonam Nagar (JVLR), adjacent to the alignment of Metro Line – 6 of the Mumbai Metro Rail Project, as per Mumbai Metropolitan Region Development Authority (MMRDA) specifications. The company conveyed this information in a filing to the Bombay Stock Exchange (BSE).
The newly secured project is expected to be completed within a timeframe of 30 months, according to the filing. The stock surged up sharply as soon as the announcement was made at around 10:00 am. The stock surged up over 4% to hit an intraday high of ₹444.
With a market cap of around ₹3,000 crore, the small-cap stock specialises in urban infrastructure projects, including the construction of metros, flyovers, and bridges, J Kumar Infraprojects Ltd focuses on engineering, procurement, and construction projects.
Earlier in October this year, the Mukul Agrawal-backed stock had bagged a ₹500 crore order for the development of Command Hospital in Lucknow. Agrawal owns a 2.64% stake in the company.
Price Action: Shares of J. Kumar Infra were up 2.30% to trade at ₹436.45 in early trade on Monday.
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