KEC International shares climb 6% after securing Rs 1,100 crore order
KEC International shares climbed 6% to Rs 940 in Thursday's trade on BSE after the firm secured new orders of Rs 1,100 crore for transmission & distribution (T&D) projects in India, Middle East, Australia and the America.
The projects include 765 kV Transmission line and 765 kV GIS substation orders in India, from Power Grid Corporation of India Limited (PGCIL). The company also secured orders for a 132 kV transmission line in the United Arab Emirates (UAE), the supply of towers in Australia and the Americas, and the supply of Hardware and Poles in America.
Vimal Kejriwal, MD & CEO of KEC International, said, “We are delighted with the continuous inflow of orders, especially in our T&D business. The 765 kV orders from PGCIL have substantially bolstered our India T&D order book. The consecutive orders in UAE have further solidified our leadership in the Middle East T&D market. We are particularly enthused by the significant tower supply order from Australia, which strengthens our tower supply business by tapping into a sizable new market. With the above orders, our YTD order intake has exceeded Rs 6,000 crores, a staggering growth of over 80% vis-à-vis last year.”
At 10:38, the stock was trading 3% higher at Rs 914 on the BSE. It has surged over 50% year-to-date and nearly 100% in the past two years.
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In technical terms, the relative strength index (RSI) of the stock is currently at 55.8. An RSI below 30 is considered oversold, and above 70 is
