KEC International Wins Rs 1,142 Crore Order In Middle East And America
Shares of KEC International closed 0.29% lower at Rs 932.35 apiece on the National Stock Exchange, compared to a 0.15% fall in the benchmark Nifty 50.
(Source: Company website)
KEC International Ltd. bagged an order worth Rs 1,142 crore across its various businesses. The company has secured transmission and distribution projects in the Middle East and America, according to an exchange filing on Wednesday.
The Rs 1,142 crore order includes supplying 380 kilovolts of transmission line in Saudi Arabia along with towers, hardware and poles in America. It will also supply various types of cables in India and other nations.
The global infrastructure firm will construct bridges and carry out other associated works for a railway line in the conventional segment in India.
"Our international order book has seen significant growth in recent months, particularly in the Middle East, driven by a series of successful order wins in Saudi Arabia and the UAE," according to Vimal Kejriwal, managing director and chief executive officer at KEC International.
"With the above orders, our year-to-date order intake stands at ~Rs. 13,500 crores, reflecting robust growth of over approximately 50% compared to last year,” he said.
KEC International Raises Rs 870 Crore Via QIP
In September, KEC raised Rs 870 crore through qualified institutional investors. It opened its QIP on Sept. 24 and closed it on Sept. 26 at an issue price of Rs 955 each.
Under the issue, the company allocated a total of 91.1 lakh shares to qualified institutional buyers. The issue price reflected a discount of 2.22% compared to the floor price of ₹976.64 per share set for the QIP.
Shares of KEC International closed 0.29% lower at Rs 932.35 apiece on the National Stock Exchange, compared to a 0.15% fall in the benchmark Nifty 50. The stock has risen 48.40% in the last 12 months and 58.24% on a year-to-date basis.
Out of the 23 analysts tracking the company, 14 maintain a 'buy' rating on the stock, five recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 2.6%.
