 "KEC International soars 8% on securing multiple orders; details here")
KEC International’s shared jumped 8 per cent to Rs 829 per share on the BSE in Monday’s intraday deals. The share price of the company has zoomed 31.67 per cent in the last six months, while rallying over 44 per cent in the last one year.
However, today’s surge in the stock price came after the company on Friday announced that it has bagged new orders worth Rs 1,061 crore across its various businesses.
The company's transmission and distribution (T&D) business has received orders for T&D projects in India, East Asia Pacific, and the Americas. These orders include transmission lines and substation projects from India, an additional order for a transmission line in Malaysia, and the supply of towers, hardware, and poles in America.
Additionally, the firm's Railways business has secured orders in both technologically enabled and conventional segments in India. It received its maiden order for composite gauge conversion works and the establishment of a power supply system, including substations, high-voltage cabling, and associated civil works, from the Bengaluru Metro Rail Corporation (BMRC).
Furthermore, the cables business has also won orders for the supply of conductors and cables.
Vimal Kejriwal, MD & CEO of KEC International, commented, "Our Railway business has further expanded its presence in the technologically enabled areas of metros with the addition of a new client and secured its first order for Gauge conversion works. With these orders, our Year-to-Date order intake stands at over Rs 3,000 crores, marking a robust growth of 30 per cent compared to last year."
The company's consolidated net profit zoomed 110.3 per cent to Rs 151.75 crore in the fourth quarter of fiscal year 2023-24 (Q4FY24) as compared with Rs 72.17 crore posted in Q4FY23. Net sales stood at Rs 6,164.83 crore, registering a growth of 11.6 per cent year on year.
At 10:54 AM; the stock of the company was up 7.18 per cent at Rs 823 a piece on the BSE. By comparison the BSE Sensex index was up 0.09 per cent.
KEC International is a infrastructure engineering, procurement and construction (EPC) company. It has presence in the verticals of power transmission and distribution, railways, civil, urban infrastructure, solar, oil and gas pipelines, and cables.