J Kumar Infra To Build Coastal Road In Navi Mumbai For Rs 1,020 Crore

J Kumar Infraprojects Ltd. on Monday announced it has secured an order to design and contruct a coastal road in Navi Mumbai for Rs 1,020 crore.

The company received the letter of acceptance from City and Industrial Development Corporation of Maharashtra Ltd. for the project. It involves design and construction of coastal road from "Jalmarg Sector-16, Kharghar to PMAY Housing scheme near Kharghar railway station", and a pedestrian underpass near Delhi Public School, Nerul.

The company will complete the projects in under three years, as per an exchange filing.

Earlier this month, J Kumar Infra received a contract worth Rs 121 crore from Mumbai Railway Vikas Corp. for building major bridges, subways, drain and earthwork in connection with proposed fifth and sixth line in between Borivali-Virar Stations of Western Railway under Mumbai Urban Transport Project Phase 3.

J Kumar Infra share price advanced 4.3% intraday to Rs 707 apiece on the NSE. The scrip pared some of the gains to trade 2.9% higher by 1:00 p.m. The benchmark Nifty 50 was up 1.25%.

The company's stock has risen 11% in the last 12 months and fallen 9% on a year-to-date basis. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 45.