KEC International Wins Multiple Orders Worth Rs 816 Crore, Drives Shares To Record
The company's total order intake for fiscal 2024 stands at Rs 18,102 crore after these order wins.
Shares of KEC International Ltd. jumped nearly 15% to hit fresh record high on Thursday after it secured multiple orders worth total Rs 816 crore in civil infrastructure, transmission and distribution, and cables categories.
The global infrastructure firm has secured orders for setting up a steel plant in north India, build a cement plant in central India and establishing a plant for carbon derivates in east India, according to an exchange filing.
In transmission and distribution category, the company has secured orders for supplying towers in the U.S.
Lastly, KEC International has bagged multiple orders to supply cables in the country and overseas, according to an exchange filing.
"With these orders, our total order intake for FY24 stands at Rs 18,102 crore," said Vimal Kejriwal, managing director and chief executive at KEC International in the exchange filing.
Shares of the company surged as much as 14.88% to Rs 837.10 apiece, the highest level since its listing on March 10, 2006. It was trading 13.87% higher at Rs 829.75 apiece as of 10:04 a.m. This compares to a 0.09% decline in the NSE Nifty 50 Index.
The stock has risen 83.01% in past 12 months. Total traded volume so far in the day stood at 33 times its 30-day average. The relative strength index was at 76.01.
Out of 26 analysts tracking the company, 14 maintain a 'buy' rating, five recommend a 'hold,' and seven suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 18.3%.
