KEC International Ltd. shares jumped over 7% to a three-month high during early trade on Tuesday after the company received transmission and distribution orders amounting to Rs 3,243 crore.
One order is for 400 kilovolts transmission lines in the United Arab Emirates, and the other is a supply of towers, hardware, and poles in the Americas, as per details given in the exchange filing. The order was announced after market hours on Monday.
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"We are delighted with the new order wins in our T&D business, especially our largest ever EPC order to date," said Chief Executive Officer Vimal Kejriwal. "This order has further strengthened our presence in the Middle East and substantially expanded our international T&D order book."
He added that this order, along with those secured earlier in the year, will reflect how important the West Asia region continued to be as a strategic growth driver for the company.
Kejriwal further stated, "With the above orders, our year-to-date order intake stands at Rs 11,700 crore. These orders will play a key role in driving our targeted growth going forward."
KEC International Stock Movement
KEC International's share price advanced 7.6% intraday to Rs 932 apiece, the highest since June 27. The benchmark NSE Nifty 50 was flat. The total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 51.
The stock has fallen 3% in the last 12 months and 23% on a year-to-date basis.
Out of the 25 analysts tracking KEC International, 17 have a 'buy' rating on the stock, six recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target of Rs 979 implies a potential upside of 10%.
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