KEC International Receives New Orders Worth Rs 1,040 Crore
After the new orders, the year-to-date order intake of the infrastructure company has increased to Rs 17,300 crore.
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KEC International Ltd. has secured new orders worth Rs 1,040 crore in its transmission and distribution business in the international markets.
The first order received by the company is for supply of towers, hardware and poles in America. The second order is for 220 kV transmission lines in CIS, the company said in an exchange filing on Friday.
After the new orders, the year-to-date order intake of the infrastructure company has increased to Rs 17,300 crore. This is approximately 75% more than last year.
"The order in CIS has reinforced our presence in this region and further strengthened our international T&D order book," Chief Executive Officer Vimal Kejriwal said. "Our subsidiary, SAE Towers, has secured multiple orders across USA, Mexico and Brazil, demonstrating an uptick in the American T&D market."
On Wednesday, KEC International secured a T&D order worth Rs 1,704 crore from Power Grid Corp. The order involves designing, supplying and installing 765 kV transmission lines and GIS substations.
The firm has also secured orders worth Rs 1,114 crore across various businesses on Nov. 25. This is the second time in the current week that KEC International has announced a slew of huge orders.
KEC International stock fell as much as 1.86% during the day to Rs 1,033.50 apiece on the National Stock Exchange. It closed 0.12% higher at Rs 1,054.30 per share, compared to a 0.91% advance in the benchmark Nifty. The share price has risen 81.71% in the last 12 months and 74.11% on a year-to-date basis.
Thirteen out of the 24 analysts tracking the company have a 'buy' rating on the stock, seven recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 3.1%.
