KEC International Hits Over Three-Week High After Multiple Order Wins
The company won orders worth Rs 1,079 crore in transmission and distribution category from Saudi Arabia, United Arab Emirates, Oman, and India.
.jpg?rect=0%2C315%2C4032%2C2268&auto=format%2Ccompress&w=200)
KEC International Ltd. jumped 9% to over three-week high on Monday after it received multiple orders worth collectively Rs 1,079 crore. The global infrastructure major received orders in transmission and distribution category from Saudi Arabia, United Arab Emirates, Oman, and India.
In India, KEC International will supply 765 kilo voltage and 400 kV transmission lines to a private developer, according to an exchange filing company released on Friday. It will provide 230 kV and 132 kV transmission lines to Saudia Arabia and Oman, respectively.
KEC International will also supply towers, hardware, and poles in North America, the exchange filing said. The company will also supply cables to Indian entities, and overseas.
KEC International did not disclose the name of the entities who have placed the orders in the exchange filing.
.png?auto=format%2Ccompress)
Shares of KEC International rose as much as 9.42% to Rs 919.00, the highest level since Aug. 1. It pared gains to trade 4.22% to Rs 874.50 as of 9:38 a.m., compared to 0.56% advance in the NSE Nifty 50 index.
The scrip gained 33.88% in last 12 months and 48.58% on year-to-date basis. Total traded volume so far in the day stood at 23 times its 30-day average. The relative strength index was at 56.29.
Out of 25 analysts tracking the company, 16 maintain a 'buy' rating, five recommend a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%.
