KEC International Shares Gain On Securing New Orders Across Business Verticals
KEC has secured new orders across its transmission and distribution, civil, and cable businesses.
Shares of KEC International Ltd. rose on securing new orders worth Rs 1,349 crore across various businesses.
New orders are across the company's transmission and distribution, civil, and cable businesses, the company said in its stock exchange filing.
For its transmission and distribution business, the company received orders for projects in India, the South Asian Association for Regional Cooperation nations, the Middle East, and the U.S. The engineering and construction company has secured a high-voltage direct current project in India from a private player, a project for a 400 kV overhead transmission line in Kuwait, and a 132 kV underground cabling order in Nepal.
It has won a deal to supply towers in the U.S.
KEC's civil business has won orders to build a data centre and for infrastructure work in the hydrocarbon segment in India. It has also bagged contracts for various types of cables in India and overseas.
"With these orders, our year-to-date order intake has now surpassed Rs 13,000 crore, a robust growth of about 20% vis-à-vis last year," Managing Director and Chief Executive Vimal Kejriwal said.
Shares of the company rose 8.8%, gaining the most this week, to Rs 510. The total traded volume so far in the day was 7.5 times its 30-day average volume.
The shares closed 4.39% higher at Rs 489.35 apiece.
The relative strength index of the stock stood at 74, indicating that the stock may be overbought.
Of the 26 analysts tracking the company, 19 maintain 'buy,' five suggest 'hold,' and two recommend 'sell', according to Bloomberg data.
