Shares of KEC International Ltd rose over 7% to a record high on Wednesday after the firm secured new orders of Rs 1,017 crore in Transmission & Distribution (T&D) and Renewables businesses. The business has won orders for EPC project and supply of towers in the Middle East.
KEC International shares zoomed 7.25% to Rs 968.20 in early deals today against the previous close of Rs 902.70 on BSE. Market cap of the firm climbed to Rs 24,577 crore.
The civil construction stock has gained 57.30% in 2024 and risen 70% in a year. A total of 1.34 lakh shares of the firm changed hands amounting to a turnover of Rs 12.81 crore.
KEC International shares have a beta of 0.9, indicating low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the KEC International stock stands at 63.2, signaling it's trading neither in the overbought nor in the oversold zone.
The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 200 day and 100 day moving averages. The stock fell to a 52 week low of Rs 551 on November 8, 2023.
In the renewable business, the business has won an order for Balance of System Package of a 625 MWp Solar PV project in Rajasthan from a subsidiary of a reputed PSU in renewable power generation segment.
Vimal Kejriwal, MD & CEO, KEC International said, “We are delighted with the continuous inflow of orders in the first quarter of the financial year. The prestigious Solar order has reaffirmed our confidence that the Renewable EPC business will contribute significantly to our future growth. The T&D orders in the Middle East have further strengthened our order book in the international T&D market. With these orders, our YTD order intake has surpassed Rs 5,000 crores, a remarkable growth of 50% vis-à-vis last year.”
KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, railways, civil, urban infrastructure, solar, oil & gas pipelines, and cables. The company is currently executing infrastructure projects in 30 plus countries and has a footprint in 110 plus countries (includes EPC, supply of towers and cables). It is the flagship company of the RPG Group.