KEC International Stock Price Rises After Securing Major Civil Project

KEC International Ltd., a global infrastructure EPC major and an RPG Group company, saw its share price rise by 4.62% after it secured new orders worth Rs 1,236 crore, for civil projects in India.

The new orders include high-rise residential projects in Western India from renowned real estate developers, according to an exchange filing. These projects involve the development of over 50 lakh square feet of residential buildings along with associated facilities.

"We are delighted with the premium orders secured in our civil business, including our largest order in the Buildings & Factories segment. This marks a key milestone in our strategic foray into the premium high-rise residential segment, with buildings reaching up to G+70 storeys," said Vimal Kejriwal, chief executive officer and managing director of KEC International Ltd.

The scrip rose as much as 4.62% to Rs 929.80 apiece. It pared gains to trade 3.53% higher at Rs 920.05 apiece, as of 09:24 a.m. This compares to a 0.51% advance in the NSE Nifty 50.

It has risen 7.33% in the last 12 months. Total traded volume so far in the day stood at 0.56 times its 30-day average. The relative strength index was at 63.

Out of 26 analysts tracking the company, 16 maintain a 'buy' rating, seven recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.7%.