Shares of KEC International Ltd rose over 6% on Wednesday after the global infrastructure EPC major said it won orders worth Rs 1,002 crore for its civil business. KEC International stock gained 6.50% to Rs 742.80 against the previous close of Rs 697.40 on BSE. Market cap of the firm climbed to Rs 18,498 crore.
The civil construction stock has gained 19% in 2024 and risen 35.78% in a year. A total of 0.25 lakh shares of the firm changed hands amounting to a turnover of Rs 1.80 crore.
KEC International shares have a beta of 0.5, indicating low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the KEC International stock stands at 37.1, signaling it's trading neither in the overbought nor in the oversold zone.
The stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day and 100 day moving averages. The stock fell to a 52 week low of Rs 523.40 on June 7, 2023.
The orders include residential projects in northern and southern India from renowned real estate developers and the construction of official residences and associated facilities of senior defence officials in India, the company said.
Vimal Kejriwal, MD & CEO, KEC International said, “We are pleased with the new order wins, especially the prestigious orders in Civil business. Our Civil business has made remarkable strides by expanding its footprint in the industrial segment with multiple orders for establishing manufacturing facilities across India. The business has also widened its customer base with the addition of a highly reputed client. With these orders, our total order intake for FY24 stands at Rs. 18,102 crores. These orders along with the orders announced earlier during the year, reaffirm our confidence in achieving the targeted growth trajectory in the future.”
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.