KEC International Shares At Over Two-Week High On Orders Worth Rs 1,100 Crore
The company received orders for 132 kilovolt transmission line in United Arab Emirates, and towers and hardware supplies to Australia and Americas, the filing said.
Shares of KEC International Ltd. jumped to the highest level in over two weeks after it received multiple orders worth a combined consideration of Rs 1,100 crore.
The engineering, procurement and construction major received an order to establish 765 kilovolt transmission line, and 765 kilovolt GIS substation in India for Power Grid Corp. of India, according to an exchange filing on Tuesday.
Other orders are for 132 kilovolt transmission line in United Arab Emirates, and towers and hardware supplies to Australia and Americas, the filing said.
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Shares of KEC International Ltd. rose 5.91% intraday, the highest level since July 4. They pared gains to trade 1.99% higher at Rs 905.20 as of 11:23 a.m., compared to 0.26% decline in the NSE Nifty 50.
The stock has gained 51.54% in 12 months, and 54.22% year-to-date. Total traded volume on NSE so far in the day stood at 2.73 times its 30-day average. The relative strength index was at 60.62.
Out of 24 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold' and six suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 9.9%
