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  1. KEC International shares rally more than 13% to 52-week high on receiving orders worth ₹816 crore

KEC International shares rally more than 13% to 52-week high on receiving orders worth ₹816 crore

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2 min read • Updated: April 4, 2024, 11:04 AM

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The RPG Group company has received contracts for civil works in industrial sectors, transmission and distribution and cable businesses. KEC International’s total order inflow in FY24 stands at ₹18,102 crore.

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KEC International hits 52 week high

Shares of infrastructure engineering company KEC International rallied up to 10% to hit a year-high level on Thursday after the firm announced bagging orders worth ₹816 crore.

KEC International shares opened sharply higher by 5% at ₹768 per share against the previous close of ₹728.7 apiece on the NSE. The stock rallied further up to 15% to hit a 52-week high of ₹838 per share on the NSE.

More than 12 lakh shares of the company traded on the exchange while turnover was ₹99.9 crore.

KEC International shares are trading around 80% higher from the 52-week low of ₹444 per share hit on May 12, 2023.

Multiple order wins

The RPG Group company informed exchanges that it has received new orders worth ₹816 crore across its business segments.

Under the civil construction division, the company has bagged infrastructure projects in India. These include setting up a steel plant in north India, constructing a cement plant in central India and setting up a plant for Carbon derivatives in Eastern India.

The company’s Transmission & Distribution (T&D) division has won orders for the supply of towers in the US.

The cable business of KEC International has received contracts for the supply of various types of cables in India and overseas.

On new order wins, KEC International MD and CEO Vimal Kejriwal said, “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 the latest orders, the company’s total order flow for 2023-24 has risen to ₹18,102 crore.

The new orders along with the contracts announced earlier during the year, reaffirm the confidence in achieving the targeted growth trajectory, the company noted.

KEC International shares were trading 10.33% higher at ₹804 per share on the NSE at 9.42 AM.