Shares of KEC International Ltd. hit fresh lifetime high on Thursday after it won new orders worth Rs 1,042 crore across various business verticals, such as railways, civil, cables, transmission, and distribution.
In the railway business segment, the heavy electrical equipment maker has secured its maiden international order for a signalling and telecommunication project in the South Asian Association for Regional Cooperation region, according to an exchange filing on Wednesday. Its transmission and distribution business bagged orders to set up overhead transmission lines in the Middle East and supply towers in India, Europe, and the U.S.
The engineering, procurement, and construction major won an order in the metals and mining segment from a reputed steel player in India, according to the release.
Shares of KEC International rose as much as 4.92% intra-day to hit a record high at Rs 603.8 apiece. The stock pared some gains to trade 3.39% higher at Rs 595 apiece as of 10.47 am, compared to a 0.24% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 68.7.
Out of the 25 analysts tracking the company, 16 maintain a 'buy' rating, five recommend a 'hold', and four suggest 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 3.3%.
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