KEC International Hits All-Time High After Rs 1,017-Crore Order Win
The stock rose as much as 7.38% during the day to Rs 968.80 apiece on the NSE.
Shares of KEC International Ltd. jumped over 7% to an all-time high on Wednesday after receiving orders worth Rs 1,017 crore in the transmission and distribution, and renewables businesses.
The engineering, procurement and construction company received orders for an EPC project and the supply of towers in the Middle East, according to an exchange filing.
The company has also secured its largest solar order in India for a balance-of-system package of a 625 MWp solar photovoltaic project in Rajasthan from a subsidiary of a public sector undertaking in the renewable power generation segment, it said.
KEC's stock rose as much as 7.38% during the day to Rs 968.80 apiece on the NSE. It was trading 5.46% higher at Rs 951.50 per share, compared to a 0.63% advance in the benchmark Nifty at 9:55 a.m.
The share price has risen 648.91% in the last 12 months and 62.46% on a year-to-date basis. The total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 70.12, implying that the stock may be overbought.
Twelve out of the 23 analysts tracking the company have a 'buy' rating on the stock, five recommend 'hold' and six suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 14.7%.
