KEC International shares jump 8% on winning orders worth Rs 1,007 crore

economictimes.indiatimes.com:

KEC International shares jumped 8% to Rs 674 in Monday's trade on BSE after the firm bagged new orders worth Rs 1,007 crore, including for the construction of a multi-specialty hospital. The company's civil business vertical secured an order for the design, engineering, procurement and construction of a multi-specialty hospital in eastern India, the company said in a regulatory filing on Friday. Its transmission and distribution business secured an order for a 380 kV overhead transmission line project in the Middle East.

The cable business bagged orders from within the country and abroad. «In line with our strategy, the civil business has expanded its presence by securing a breakthrough order for building a Multispeciality Hospital in Eastern India. The T&D order in the Middle East region has significantly enhanced our order book in the international T&D market.

With these orders, our YTD (Year To Date) order intake stands at a record of over Rs 5,500 crore, registering a strong growth of 15% from last year,» Vimal Kejriwal, Managing Director and Chief Executive Officer of KEC International said. In Q1 FY24, the consolidated profit for KEC International rose 36.5% year-on-year (YoY) to Rs 42.33, while revenue rose 27.9% YoY to Rs 4,244 crore. As per Trendlyne data, the average target price of the stock is Rs 650, which shows a downside of 1% from the current market prices.

The consensus recommendation from 23 analysts for the stock is a 'Hold'. Technically, the stock's day RSI (14) is at 50.8. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.