KEC International Shares Hit Record High in Early Deals; Here’s Why
KEC International shares zoomed 15% to Rs 838.25 in early deals today against The Previous Close of Rs 728.55 on BSE. Market Cap of the Firm Climbed to Rs 21,241 Crore.
Shares of KEC International Ltd hit a record high on Thursday after the global infrastructure EPC major said it won new orders of Rs 816 crore across its various businesses. In case of civil business, the firm won orders for infrastructure projects in India. The announcement was made after market hours on Wednesday.
KEC International shares zoomed 15% to Rs 838.25 in early deals today against the previous close of Rs 728.55 on BSE. Market cap of the firm climbed to Rs 21,241 crore.
The civil construction stock has gained 36% in 2024 and risen 83% in a year. A total of 1.78 lakh shares of the firm changed hands amounting to a turnover of Rs 14.41 crore.
KEC International shares have a beta of 0.4, indicating low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the KEC International stock stands at 61.3, 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 446.05 on April 5, 2023.
In metals & mining business, the RPG Group firm won orders for setting up of a steel plant in Northern India.
The firm will build a cement plant in Central India. It will also establish a plant for carbon derivatives in Eastern India
The transmission and distribution business has also won orders for supply of towers in the United States of America. The cable business of the firm has won orders for supply of various types of cables in India and overseas.
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.
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