J Kumar Infraprojects rose 1% to Rs 131.85 after the company said it received letter of acceptance from MMRDA for a contract worth Rs 1,998 crore.
The company letter of acceptance (LoA) from Mumbai Metropolitan Region Development Authority (MMRDA) is for design and construction of elevated viaduct and nine elevated stations, including two flyovers, and underground twin tunnel, cut and cover, ramp and one underground station for corridor of Mumbai Metro Line 9 (extension of line 7 from Dahisar (East) To Mira Bhayandar and Andheri to CSIA of Mumbai Metro Rail project of MMRDA). The announcement was made during trading hours today, 13 September 2019.Shares of J Kumar Infraprojects jumped 15.15% in six trading sessions to its current market price of Rs 131.85, from a recent closing low of Rs 114.50 on 4 September 2019.
On BSE, 30,000 shares were traded in J Kumar Infraprojects counter, compared to a 2-week average of 12,000 shares. The stock hit an intraday high of Rs 135.70 and an intraday low of Rs 128.
It hit a 52-week high of Rs 268.40 on 17 September 2018 and a 52-week low of Rs 104 on 1 February 2019.
J Kumar Infraprojects' net profit rose 1.8% to Rs 40.92 crore on 8% increase in net sales to Rs 667.74 crore in Q1 June 2019 compared with Q1 June 2018.
J Kumar Infraprojects is engaged in construction activities. The construction firm designs and constructs roads, bridges, flyovers, subways, over bridges, skywalks and railway terminus/stations, among others. The company's offerings in civil construction segment include office/commercial buildings, sports complexes and swimming pools.
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