KEC International extends rally, gains over 3.5% in two days on securing ₹1304 crore order win
Upstox
1 min read • Updated: January 30, 2024, 10:37 AM
Summary
Shares of KEC International rallies after the company secured new orders worth ₹1,304 crores across its various businesses on 29 January.
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Shares of KEC International rose for the second straight trading session. The stock is up over 2%, with a day high of ₹643.7 per share.
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This two-day rally comes after the company secured new orders worth ₹1,304 crores across its various businesses on 29 January.
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The company’s transmission & distribution (T&D) business bags new projects in India, SAARC and the Americas, including a 765-kilovolt transmission line and 765-kilovolt GIS substation, from Power Grid Corporation of India.
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Meanwhile, its civil construction business won orders for residential buildings in India, while the cable business secured orders to supply various types of cables in India and overseas.
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With these orders, KEC International year-to-date order intake stands at approx ₹13,000 crores.
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The company’s management said, we are delighted with the new order wins, particularly the prestigious orders from PGCIL, which have significantly bolstered our India T&D order book. We remain optimistic about India's T&D business on the back of the government of India's continued thrust for setting up renewable energy projects.
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Meanwhile, so far this month, the company’s shares are up 8.2%