KEC International zooms 5% on winning orders worth Rs 1,429 crore

KEC International zooms 5% on winning orders worth Rs 1,429 crore
Share This :



Shares of KEC International, on Tuesday, gained 5 per cent at Rs 469 on the BSE in intra-day trade after securing new orders worth Rs 1,429 crore across its various businesses. The stock of the heavy electrical equipment company was trading close to its 52-week high level of Rs 486.45, hit on March 3, 2021.


In an exchange filing on March 22, said its Transmission & Distribution (T&D) business has secured orders of Rs. 701 crore for T&D projects from Power Grid Corporation of India Ltd. (PGCIL) and other customers in India, East Asia Pacific and the Americas.



The Railways business has secured orders of Rs 366 crore in the emerging segments in India: Semi High-Speed Rail – Order for 2 x 25 kV Overhead Electrification (OHE) & associated works for speed upgradation; and Tunnel Ventilation – order for tunnel ventilation system and associated works.


The Civil business has secured orders of Rs. 318 crore from reputed private players for infra works in the cement, residential and metals & mining segments in India, while the Cables business has secured orders of Rs 44 crore for various types of cables in India and overseas.


At 9:45 AM, the stock was trading 2.83 per cent higher at Rs 459.95 as compared to 0.34 per cent gain in the S&P BSE Sensex. Around 3.22 lakh shares have changed hands on the NSE and BSE, combined, so far.


In a report, dated February 12, Edelweiss said, “KEC boasts a track record of diversification and financial discipline, not to mention its much-improved skillset. The company is sharpening focus on new infra ventures—railway (metro), civil and smart infra. It won a couple of contracts in new civil sub-segments: chemicals, warehouse, FGD and metro. These businesses are highly scalable. We believe the civil business and Railways will be major growth drivers over the next few years given the government’s high focus on infra.”


“Management is confident of turning in a double-digit margin and similar working capital requirement to that of traditional business. We are, however, slightly cautious on near-term margins given commodity headwinds. Maintain ‘BUY’,” it said.

, KEC International zooms 5% on winning orders worth Rs 1,429 crore, Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Share This :