KEC International Shares Rise Over 5% After Rs 1,315 Crore Orders Win
This includes 765 kV transmission line and 765 kV AIS substation orders from Power Grid Corp. of India.
Shares of KEC International Ltd. gained the most in over a year on Tuesday after it secured new orders worth Rs 1,315 crore across its various business verticals.
The transmission and distribution business secured orders in India, the Middle East, Australia and America. This includes 765 kV transmission lines and 765 kV AIS substation orders from Power Grid Corp. of India. The supply of towers in the Middle East, Australia, and the Americas and the supply of hardware and poles in America are also part of the multiple orders.
The cables business also secured orders for the supply of various types of cables in India and overseas, according to an exchange filing.
Shares of KEC International jumped 5.05%, the most since Oct. 6, 2022, before paring gains to trade 1.76% higher at 10:49 a.m. This compares to a 0.53% advance in the NSE Nifty 50.
The stock has risen 34.21% on a year-to-date basis. Total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 51.
Of the 26 analysts tracking the company, 15 maintain a 'buy' rating, four recommend a 'hold,' and seven suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.3%.